Problem 5 (optional) Cody Camera Shop Inc uses the lower of cost or market basis for its inventory The following data are available on December 31 Units Cost of Unit Market Value Unit Cameras Minolta 5 $175 $160 Canon 7 150 152 Light Meters Vivitar 12 125 119 Kodak 10 115 135 Instructions What amount should be reported on Cody Camera Shops financial statements, assuming the lower of cost or market rule is applied

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Question: Problem 5 (optional) . Cody Camera Shop Inc. uses the lower of cost or market basis for its inventory. The following data are available on

Problem 5 (optional). Cody Camera Shop Inc. uses the lower of cost or market basis for its inventory. The following data are available on December 31.

	Units	Cost of Unit	Market Value/Unit
Cameras
Minolta	5	$175	$160
Canon	7	150	152
Light Meters
Vivitar	12	125	119
Kodak	10	115	135

Instructions

What amount should be reported on Cody Camera Shops financial statements, assuming the lower of cost or market rule is applied?

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