Sheridan Frame Camera Shop uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Item Units Unit Cost Net Realizable Value Cameras: Minolta 12 $168 $155 Canon 6 154 156 Light meters: Vivitar 12 125 115 Kodak 20 120 135 Determine the amount of the ending inventory by applying the lower-of-cost-or-net realizable value basis. The ending inventory $Enter the ending inventory in dollars
Sheridan Frame Camera Shop uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Item Units Unit Cost Net Realizable Value Cameras: Minolta 12 $168 $155 Canon 6 154 156 Light meters: Vivitar 12 125 115 Kodak 20 120 135 Determine the amount of the ending inventory by applying the lower-of-cost-or-net realizable value basis. The ending inventory $Enter the ending inventory in dollars
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Sheridan Frame Camera Shop uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31.
Item
|
Units
|
Unit Cost
|
Net Realizable Value
|
||||||
---|---|---|---|---|---|---|---|---|---|
Cameras:
|
|||||||||
Minolta
|
12 | $168 | $155 | ||||||
Canon
|
6 | 154 | 156 | ||||||
Light meters:
|
|||||||||
Vivitar
|
12 | 125 | 115 | ||||||
Kodak
|
20 | 120 | 135 |
Determine the amount of the ending inventory by applying the lower-of-cost-or-net realizable value basis.
The ending inventory |
$Enter the ending inventory in dollars
|
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