E6-9 Americus 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
Click here for the solution: Americus Camera Shop uses the lower-of-cost-or-market basis for its inventory
