Problem: The Vogelson Company accumulates the following cost and net realizable value data at December 31.
|
Inventory Categories
|
Cost Data
|
Net Realizable Value Data
|
|
Camera
|
$11,000
|
$9,900
|
|
Camcorders
|
7,800
|
7,800
|
|
DVDs
|
14,000
|
12,000
|
Required: What is the lower-of-cost-or-net-realizable-value of the inventory?