FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Waterway Frame Camera Shop uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available
at December 31.
Item
Cameras:
Minolta
Canon
Light Meters:
Vivitar
Kodak
Units Cost per Unit
8
10
20
15
The ending inventory
$163
$
154
121
120
Net Realizable
Value per Unit
$155
156
110
What amount should be reported for inventory on Waterway Frame Camera Shop's balance sheet, assuming the lower-of-cost-or-net
realizable value rule is applied?
135
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Transcribed Image Text:Current Attempt in Progress Waterway Frame Camera Shop uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Item Cameras: Minolta Canon Light Meters: Vivitar Kodak Units Cost per Unit 8 10 20 15 The ending inventory $163 $ 154 121 120 Net Realizable Value per Unit $155 156 110 What amount should be reported for inventory on Waterway Frame Camera Shop's balance sheet, assuming the lower-of-cost-or-net realizable value rule is applied? 135
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