Concord Frame Camera Shop uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are
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Concord Frame Camera Shop uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31.
| Item | Units | Cost per Unit | Net Realizable Value per Unit | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Cameras: | |||||||||
| Minolta | 8 | $167 | $152 | ||||||
| Canon | 9 | 154 | 156 | ||||||
| Light Meters: | |||||||||
| Vivitar | 18 | 125 | 112 | ||||||
| Kodak | 20 | 120 | 135 | ||||||
What amount should be reported for inventory on Concord Frame Camera Shops balance sheet, assuming the lower-of-cost-or-net realizable value rule is applied?
| The ending inventory | $enter the ending inventory amount in dollars |
Please help with the ending inventory answer
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