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
|
5
|
$175
|
$158
|
|
Canon
|
9
|
144
|
177
|
|
Light meters:
|
|
|
|
|
Vivitar
|
13
|
136
|
113
|
|
Kodak
|
19
|
121
|
130
|
Determine the amount of the ending inventory by applying the lower-of-cost-or-market basis.