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Waterway, 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 $183

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Waterway, 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 $183 139 $174 150 Cameras Minolta Canon Light Meters Vivitar Kodak 123 119 110 146 What amount should be reported on Waterway, Inc.'s financial statements, assuming the lower-of-cost-or-market rule is applied? Totals

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