Question: Current Attempt in Progress Skysong Camera Shop Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31.

Current Attempt in Progress Skysong Camera Shop Inc. uses the lower-of-cost-or-net

Current Attempt in Progress Skysong Camera Shop Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Net Realizable Value per Unit Cost Units per Unit Cameras Minolta 5 $165 $163 Canon 6 149 162 Light Meters Vivitar 12 114 113 Kodak 10 120 123 What amount should be reported on Skysong Camera Shop's financial statements, assuming the lower-of-cost-or-net realizable value rule is applied? Total $

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