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Question - Bramble Frame Camera Shop uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31.
Item
Units
Cost per Unit
Net Realizable Value per Unit
Cameras:
Minolta
12
$170
$152
Canon
8
150
152
Light Meters:
Vivitar
16
121
111
Kodak
15
120
135
Required - What amount should be reported for inventory on Bramble Frame Camera Shop's balance sheet, assuming the lower-of-cost-or-net realizable value rule is applied?
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