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Cheyenne Corp. Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Item Cameras: Minolta Canon Light meters: Vivitar Kodak Units Unit Cost Net Realizable Value 3 12 14 20 $177 143 The ending inventory $ 132 121 $158 178 100 140 What amount should be reported on Cheyenne Corp's financial statements, assuming the lower-of-cost-or-net realizable value rule is applied?

Cheyenne Corp. Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Item Cameras: Minolta Canon Light meters: Vivitar Kodak Units Unit Cost Net Realizable Value 3 12 14 20 $177 143 The ending inventory $ 132 121 $158 178 100 140 What amount should be reported on Cheyenne Corp's financial statements, assuming the lower-of-cost-or-net realizable value rule is applied?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Cheyenne Corp. Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Item Cameras: Minolta Canon Light meters: Vivitar Kodak Units Unit Cost Net Realizable Value 3 12 14 20 $177 143 The ending inventory $ 132 121 $158 178 100 140 What amount should be reported on Cheyenne Corp's financial statements, assuming the lower-of-cost-or-net realizable value rule is applied?
Transcribed Image Text:Cheyenne Corp. Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Item Cameras: Minolta Canon Light meters: Vivitar Kodak Units Unit Cost Net Realizable Value 3 12 14 20 $177 143 The ending inventory $ 132 121 $158 178 100 140 What amount should be reported on Cheyenne Corp's financial statements, assuming the lower-of-cost-or-net realizable value rule is applied?
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