Question: Exercise 211 Wolf Camera Shop Inc. uses the lower-of-cost-or-market basis for its inventory. The following data are available at December 31. Market Value/Unit Units Cost/Unit

Exercise 211 Wolf Camera Shop Inc. uses the lower-of-cost-or-market basis for its inventory. The following data are available at December 31. Market Value/Unit Units Cost/Unit 5 $175 148 $168 152 7 Cameras Minolta Canon Light Meters Vivitar Kodak 125 15 10 119 135 120 What amount should be reported on Wolf Camera Shop's financial statements, assuming the lower-of-cost-or-market rule is applied? Total $ Click if you would like to Show Work for this question: Open Show Work

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