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please answer the questions E6.9 AP Digital Camera Shop Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at
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E6.9 AP Digital Camera Shop Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Below is a summary of the "cost" and "net realizable value" for each item in inventory. Indicate what number should be used for balance sheet purposes. Cost Units per Unit Cameras Minolta Canon Light Meters Vivitar Kodak Instructions 12 $ 10 $ 170 145 125 120 NRV per Unit 158 152 114 135 TOTAL Cost or Units NRV 5 7 12 10 TOTAL 4,373 What amount should be reported on Digital Camera Shop's financial statements, assuming the lower-of-cost-or-net realizable value rule is applied?
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