Creve Couer Camera Inc. uses the lower-of-cost-or-market basis for its inventory. The following data are available at December 31.
Cost Market Units per Unit per Unit Cameras:
Minolta 5 $160 $156 Canon 7 145 153 Light Meters:
Vivitar 12 120 114 Kodak 10 130 142 INSTRUCTIONS What amount should be reported on Creve Couer Camera’s fi nancial statements, assuming the lower-of-cost-or-market rule is applied?