Question: Your answer is incorrect. Kingbird Camera Shop Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31.

Your answer is incorrect. Kingbird 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 per Unit Units Cameras Minolta $179 153 $143 158 Canon 7 Light Meters Vivitar 13 9 132 120 119 130 Kodak What amount should be reported on Kingbird Camera Shop's financial statements, assuming the lower-of-cost-ornet realizable value rule is applied Totals

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