Question
Optix Camera Shop uses the lower-of-cost-or-market value 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 value for its inventory. The following data are available at December 31.
| Item | Units | Unit Cost | Market | ||||||
| Cameras: | |||||||||
| Minolta | 5 | $173 | $164 | ||||||
| Canon | 9 | 145 | 187 | ||||||
| Light meters: | |||||||||
| Vivitar | 15 | 134 | 103 | ||||||
| Kodak | 16 | 125 | 135 | ||||||
Determine the amount of the ending inventory by applying the lower-of-cost-or-market value basis.
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Short Term Financial Management
Authors: Ned C Hill
1st Edition
0023548207, 978-0023548208
