Exercise 6-9
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 |
3 |
$173 |
$158 |
|||
|
Canon |
10 |
142 |
183 |
|||
|
Light meters: |
||||||
|
Vivitar |
14 |
134 |
109 |
|||
|
Kodak |
16 |
123 |
128 |
Determine the amount of the ending inventory by applying the
lower-of-cost-or-market basis.
|
The ending inventory |
$ |
