Sunland 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   Costper Unit   Net Realizable Valueper Unit Cameras                Minolta   5   $183   $174    Canon   7   139   150 Light Meters                Vivitar   12   123   110    Kodak   10   119   146 What amount should be reported on Sunland Camera Shop’s financial statements, assuming the lower-of-cost-or-net realizable value rule is applied? Total   $Enter a dollar amount that should be reported on $company’s financial statements

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A:

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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.