Question
Splish Brothers Inc. 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
Splish Brothers Inc. 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 | 5 | $158 | $156 | |||
| Canon | 7 | 147 | 150 | |||
| Light Meters | ||||||
| Vivitar | 12 | 127 | 103 | |||
| Kodak | 9 | 108 | 130 |
What amount should be reported on Splish Brothers Inc.s financial statements, assuming the lower-of-cost-or-market rule is applied?
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Accounting Information Systems
Authors: Marshall B Romney, Paul J. Steinbart, Scott L. Summers, David A. Wood
15th Edition
0135572835, 9780135572832
