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Discuss the lower-of-cost-or-net realizable value basis

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Freeze Frame Camera Shop uses the lower-of-cost-or-net realizable value for its inventory. The following data are available at December 31.

Item Units Unit Cost Market Value
Cameras:
Minolta    5    $172 $153
Canon    10    149 179
Light meters:
Vivitar    14    134 113
Kodak    20    120 135

Determine the amount of the ending inventory by applying the lower-of-cost-or-net realizable value basis.

Reference no: EM131811110

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