Laib Camera Shop Inc. uses the lower-of-cost-or-market basis for its inventory. The following data are available at December 31.
|
Market |
|||
|
Units |
Cost/Unit |
Value/Unit |
|
|
Cameras |
|||
|
Minolta |
5 |
$170 |
$158 |
|
Canon |
7 |
145 |
152 |
|
Light Meters |
|||
|
Vivitar |
12 |
125 |
114 |
|
Kodak |
10 |
120 |
135 |
Instructions
What amount should be reported on Laib Camera Shop”s financial statements, assuming the lower-of-cost-or-market rule is applied?