Blossom Camera Shop Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31.     Units   Costper Unit   Net Realizable Valueper Unit Cameras                Minolta   5   $178   $149    Canon   7   153   161 Light Meters                Vivitar   13   136   111    Kodak   10   111   141 What amount should be reported on Blossom Camera Shop’s financial statements, assuming the lower-of-cost-or-net realizable value rule is applied? Total   $Enter a dollar amount that should be reported on Unresolved’s financial statements

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Q: $155    Canon   7   147   149 Light Meters

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A: INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…

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A:

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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.