Best Buy uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Cameras Minolta Canon Light Meters Vivitar Kodak Units Total $ 5 7 13 10 Cost per Unit $178 153 136 111 Net Realizable Value per Unit $149 161 111 141 What amount should be reported on Best Buy's financial statements, assuming the lower-of-cost-or-net realizable value rule is applied?

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.