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Crane 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
Crane 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 | 5 | $160 | $150 | ||||||
Canon | 6 | 150 | 152 | ||||||
Light Meters: | |||||||||
Vivitar | 12 | 120 | 110 | ||||||
Kodak | 14 | 120 | 135 |
What amount should be reported for inventory on Crane 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 |
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