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Question - Lily 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
Unit Cost
Market Value
Cameras:
Minolta
8
$165
$156
Canon
6
154
156
Light meters:
Vivitar
12
124
111
Kodak
19
120
135
Required - What is the amount of the ending inventory by applying the lower-of-cost-or-net realizable value basis.
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