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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 | 5 | $179 | $161 |
Canon | 11 | 142 | 171 |
Light meters: | |||
Vivitar | 13 | 133 | 107 |
Kodak | 20 | 123 | 132 |
Determine the amount of the ending inventory by applying the lower-of-cost-or-market basis.
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