Monty Camera Shop Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are availabl December 31. Item Units Unit Cost Net Realizable Value Cameras: Minolta 6 $178 $161 Canon 140 189 Light meters: Vivitar 14 135 105 Kodak 18 122 136 What amount should be reported for inventory on Monty Camera Shop's balance sheet, assuming the lower-of-cost-or-net

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Q: Denger

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Q: $155    Canon   7   147   149 Light Meters

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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.