Question
Oriole Frame Camera Shop uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Item Units Cost per
Oriole Frame Camera Shop uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31.
| Item | Units | Cost per Unit | Net Realizable Value per Unit | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Cameras: | |||||||||
| Minolta | 8 | $166 | $151 | ||||||
| Canon | 7 | 152 | 154 | ||||||
| Light Meters: | |||||||||
| Vivitar | 14 | 120 | 115 | ||||||
| Kodak | 15 | 120 | 135 | ||||||
What amount should be reported for inventory on Oriole Frame Camera Shops balance sheet, assuming the lower-of-cost-or-net realizable value rule is applied?
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The Marketing Audit Handbook Tools Techniques And Checklists To Exploit Your Marketing Techniques
Authors: Aubrey Wilson
1st Edition
0749437359, 978-0749437350
