Lebo Camera Shop Inc. uses the lower of cost or market basis for its inventory. The following data are available at December 31.
|
Cameras |
Units |
Cost/Unit |
Market |
|
Minolta |
5 |
$ 175 |
$ 160 |
|
Canon |
7 |
145 |
152 |
|
Light Meters |
|||
|
Vivitar |
12 |
125 |
119 |
|
Kodak |
10 |
120 |
135 |
Instructions
What amount should be reported on Lebo Camera Shop’s financial statements, assuming the lower of cost or market rule is applied?