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Sheridan Camera Shop Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Net Realizable Value per
Sheridan Camera Shop Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Net Realizable Value per Unit Units Cost per Unit Cameras Minolta 5 $168 $163 Canon 7 146 162 Light Meters Vivitar 11 113 110 Kodak 10 121 132 What amount should be reported on Sheridan Camera Shop's financial statements, assuming the lower-of-cost-or-net realizable value rule is applied? Total $
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