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4. Digital Camera Shop, Inc., uses the lower-of-cost-or-market (LCM) basis for its inventory. The following data is available at December 31. Units Cost per Market
4. Digital Camera Shop, Inc., uses the lower-of-cost-or-market (LCM) basis for its inventory. The following data is available at December 31. Units Cost per Market per unit unit Cameras Minolta $170 156 6 9 Canon 145 149 Light Meters Vivitar 15 125 110 Kodak 12 120 105 What amount should be reported on Digital Camera Shop's financial statements, assuming the lower-of-cost-or-market rule is applied? (5 pts.) Show all your work
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