Explain the lower-of-cost-or-market rule

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Reference no: EM131828092

Question: Digital Camera Shop Inc. uses the lower-of-cost-or-market basis for its inventory. The following data are available at December 31.

Instructions: What amount should be reported on Digital Camera Shop's financial statements, assuming the lower-of-cost-or-market rule is applied?

Reference no: EM131828092

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