Oriole Camera Shop Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31.

		Units		Cost per Unit		Net Realizable Value per Unit
Cameras
Minolta		5		$165		$156
Canon		7		136		140
Light Meters
Vivitar		11		137		103
Kodak		10		120		123

What amount should be reported on Oriole Camera Shop’s financial statements, assuming the lower-of-cost-or-net realizable value rule is applied?

Answer rating: 100% (QA)

Solution Cameras Minolta 5 x 156 780 Canon 7 x 136 952 Light Meters Vivitar 11 x 103 11... View the full answer