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?
Chapter10: Inventory
Section: Chapter Questions
Problem 4PA: Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering...
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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?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5313124d-0d82-4d96-9fd1-4fc920dfa14c%2Ff38208ee-0ee2-4620-8f43-2632d08de3d4%2F04j99gb_processed.jpeg&w=3840&q=75)
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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