Problem
Pharoah Company accumulates the following cost and market data at December 31.
|
Inventory Categories
|
Cost Data
|
Market Data
|
|
Cameras
|
$10,140
|
$11,150
|
|
Camcorders
|
8,235
|
8,895
|
|
DVDs
|
10,998
|
9,558
|
Compute the lower-of-cost-or-market valuation for company's inventory.