Cheyenne Corp. Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Item Cameras: Minolta Canon Light meters: Vivitar Kodak Units Unit Cost Net Realizable Value 3 12 14 20 $177 The ending inventory $ 143 132 121 $158 178 100 140 What amount should be reported on Cheyenne Corp's financial statements, assuming the lower-of-cost- or-net realizable value rule is applied? SUPPORT

Cheyenne Corp. Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31 What amount should be reported on Cheyenne Corp's financial statements, assuming the lower-of-costor-net realizable value rule is applied? The ending inventory $