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Jennifer Inc. uses the lower-of-cost-or-net-realizable-value (LCNRV) basis for its inventory. The following data are available at December 31 Units Cost/Unit NRV/Unit Cameras Minolta. 6
Jennifer Inc. uses the lower-of-cost-or-net-realizable-value (LCNRV) basis for its inventory. The following data are available at December 31 Units Cost/Unit NRV/Unit Cameras Minolta. 6 $178 $150 Canon 8 150 152 Light Meters Vivitar 14 125 116 Kodak 10 10 125 133 What amount should be reported on Jennifer's financial statements, assuming the lower-of-cost-or-net-realizable-value rule is applied? Total $
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