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Melissa 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 5 $152
Melissa 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 5 $152 $170 150 8 158 Canon Light Meters Vivitar Kodak 13 122 116 10 122 130 What amount should be reported on Melissa's financial statements, assuming the lower-of-cost-or-net-realizable-value rule is applied? Total $
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