Exercise 6-9

Metlock, Inc. uses the lower-of-cost-or-market basis for its inventory. The following data are available at December 31.

Units Cost per Unit Market per Unit Cameras Minolta 5 $176 $155 Canon 7 147 149 Light Meters Vivitar 12 121 116 Kodak 10 113 140

What amount should be reported on Metlock, Inc.s financial statements, assuming the lower-of-cost-or-market rule is applied?

Total $