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
|
5
|
$177
|
$154
|
|
Canon
|
12
|
147
|
181
|
|
Light meters:
|
|
|
|
|
Vivitar
|
15
|
130
|
105
|
|
Kodak
|
18
|
119
|
133
|
Determine the amount of the ending inventory by applying the lower-of-cost-or-market basis.