Coronado 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   $158   $157    Canon   7   150   162 Light Meters                Vivitar   12   122   114    Kodak   11   122   127 What amount should be reported on Coronado Camera Shop’s financial statements, assuming the lower-of-cost-or-net realizable value rule is applied?

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A: Correct option is d.$56

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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.