Question 7 Pharoah Company uses the lower-of-cost-or-market basis for its inventory. The following data are available at December 31. Units Cost per Unit Market per Unit Cameras Minolta $165 136 $156 140 Canon Light Meters Vivitar Kodak 137 120 103 123 What amount should be reported on Pharoah Company's financial statements, assuming the lower-of-cost-or-market rule is applied? Total LINK TO TEXT VIDEO: APPLIED SKILLS VIDEO: SIMILAR EXERCISE Question Attempts: 0 of 1 used