Birk Camera Shop Inc. uses the lower-of-cost-or-market basis for its inventory. The following data are available at December 31.
|
|
Units |
|
Cost/Unit |
|
Market Value/Unit |
| Cameras |
|
|
|
|
|
|
| Minolta |
|
5 |
|
$170 |
|
$158 |
| Canon |
|
7 |
|
145 |
|
152 |
| Light Meters |
|
|
|
|
|
|
| Vivitar |
|
12 |
|
125 |
|
114 |
| Kodak |
|
10 |
|
120 |
|
135 |
What amount should be reported on Brik Camera Shop's financial statements, assuming the lower-of-cost-or-market rule is applied?