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Americus Camera Shop uses the lower of cost or market basis for its inventory

Americus Camera Shop uses the lower-of-cost-or-market basis for its inventory. The following data are available at December 31.

 ITEM                 UNITS                  UNITCOST               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.

May 11 2018 View more View Less

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