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Larkspur 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
Larkspur 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 $161 Canon 12 145 173 Light meters: Vivitar Kodak 20 12 15 138 101 125 139 What amount should be reported for inventory on Larkspur Camera Shop's balance sheet, assuming the lower-of-cost-or-net realizable value rule is applied? The ending inventory $ 4570
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