Solved: What amount should be reported on laib camera shops, Accounting Basics

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What amount should be reported on laib camera shops

Laib Camera Shop Inc. uses the lower-of-cost-or-market basis for its inventory. The following data are available at December 31.

			Market
	Units	Cost/Unit	Value/Unit
Cameras
Minolta	5	$170	$158
Canon	7	145	152
Light Meters
Vivitar	12	125	114
Kodak	10	120	135

Instructions

What amount should be reported on Laib Camera Shop"s financial statements, assuming the lower-of-cost-or-market rule is applied?

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Accounting Basics: What amount should be reported on laib camera shops

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