Question
Kingbird Camera Shop Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Item Units Unit Cost
Kingbird Camera Shop Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31.
| Item | Units | Unit Cost | Net Realizable Value | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Cameras: | |||||||||
| Minolta | 6 | $ 172 | $ 162 | ||||||
| Canon | 11 | 150 | 178 | ||||||
| Light meters: | |||||||||
| Vivitar | 15 | 132 | 101 | ||||||
| Kodak | 19 | 119 | 129 | ||||||
What amount should be reported for inventory on Kingbird Camera Shops balance sheet, assuming the lower-of-cost-or-net realizable value rule is applied?
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Hotel And Restaurant Accounting
Authors: Cole Raymond
8th Edition
0866125531, 9780866125536
