Solved: Optix camera shop uses the lower-of-cost-or-market basis, Accounting Basics

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Optix camera shop uses the lower-of-cost-or-market basis

Question - 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	7	$173	$162
Canon	11	142	175
Light meters:
Vivitar	14	134	106
Kodak	16	122	129

Determine the amount of the ending inventory by applying the lower-of-cost-or-market basis.

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Accounting Basics: Optix camera shop uses the lower-of-cost-or-market basis

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Accounting Basics: Optix camera shop uses the lower-of-cost-or-market basis

Reference No:- TGS02854030

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