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What amount should be reported on laib camera shop

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Reference no: EM13531802

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

Market

Units

Cost/Unit

Value/Unit

Cameras


Minolta

5

$170

$158

Canon

7

145

152

Light Meters


Vivitar

12

125

114

Kodak

10

120

135

Instructions

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

Reference no: EM13531802

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