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4. Wolf Camera Shop Inc. uses the lower-of-cost-or-market basis for its inventory. The following data are available at December 31. Cameras Market Units Cost/Unit

4. Wolf Camera Shop Inc. uses the lower-of-cost-or-market basis for its inventory. The following data are available at December 31. Cameras Market Units Cost/Unit Value/Unit Minolta 5 $175 $168 Canon 7 148 152 Light Meters Vivitar 15 125 119 Kodak 10 120 135 Instructions What amount should be reported on Wolf Camera Shop's financial statements, assuming the lower-of- cost-or-market rule is applied?

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