Optix Camera Shop uses the lower of cost or market basis for its inventory. The following data are available at December 31.
|
Item |
Units |
Unit Cost |
Market |
|
Cameras: |
|||
|
Minolta |
5 |
$170 |
$156 |
|
Canon |
6 |
150 |
152 |
|
Light meters: |
|||
|
Vivitar |
12 |
125 |
115 |
|
Kodak |
14 |
120 |
135 |
Instructions
Determine the amount of the ending inventory by applying the lower of cost or market basis.