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
|
7
|
$173
|
$162
|
|
Canon
|
11
|
142
|
175
|
|
Light meters:
|
|
|
|
|
Vivitar
|
14
|
134
|
106
|
|
Kodak
|
16
|
122
|
129
|
Determine the amount of the ending inventory by applying the lower-of-cost-or-market basis.