Question
Optix Camera Shop uses the lower-of-cost-or-market basis for its inventory. The following data are available at December 31. Item Units Unit Cost Market Cameras: Minolta
Optix Camera Shop uses the lower-of-cost-or-market basis for its inventory. The following data are available at December 31.
| Item | Units | Unit Cost | Market | |||
| Cameras: | ||||||
| Minolta | 4 | $180 | $155 | |||
| Canon | 11 | 145 | 173 | |||
| Light meters: | ||||||
| Vivitar | 14 | 131 | 115 | |||
| Kodak | 18 | 119 | 133 |
Determine the amount of the ending inventory by applying the lower-of-cost-or-market basis.
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Accounting Volume 2
Authors: Charles T. Horngren, Walter T. Harrison, M. Suzanne Oliver, Peter R. Norwood, Jo-Ann L. Johnston
8th Canadian Edition
0132473054, 978-0132473057
