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Question - 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
5
$177
$154
Canon
12
147
181
Light meters:
Vivitar
15
130
105
Kodak
18
119
133
Determine the amount of the ending inventory by applying the lower-of-cost-or-market basis.
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