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

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 $179 $161
Canon 11 142 171
Light meters:
Vivitar 13 133 107
Kodak 20 123 132

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

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