Question
Problem 5 (optional) . Cody Camera Shop Inc. uses the lower of cost or market basis for its inventory. The following data are available on
Problem 5 (optional). Cody Camera Shop Inc. uses the lower of cost or market basis for its inventory. The following data are available on December 31.
| Units | Cost of Unit | Market Value/Unit | |
| Cameras | |||
| Minolta | 5 | $175 | $160 |
| Canon | 7 | 150 | 152 |
| Light Meters | |||
| Vivitar | 12 | 125 | 119 |
| Kodak | 10 | 115 | 135 |
Instructions
What amount should be reported on Cody Camera Shops financial statements, assuming the lower of cost or market rule is applied?
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Advanced Accounting
Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik
11th edition
78025400, 978-0078025402
