Birk 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 Birk Camera Shop’s financial statements, assuming the lower-of-cost-or-market rule is applied?

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