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
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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
|
Cost
per Unit |
Net Realizable Value
per 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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