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Swifty Camera Shop 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 8 12 13 19 $174 The ending inventory 149 135 125 Net Realizable Value $160 183 115 134 What amount should be reported for inventory on Swifty Camera Shop's balance sheet, assuming the lower-of-cost-or-net realizabl value rule is applied?

Swifty Camera Shop 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 8 12 13 19 $174 The ending inventory 149 135 125 Net Realizable Value $160 183 115 134 What amount should be reported for inventory on Swifty Camera Shop's balance sheet, assuming the lower-of-cost-or-net realizabl value rule is applied?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Swifty Camera Shop 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 8 12 13 19 $174 The ending inventory $ 149 135 125 Net Realizable Value $160 183 115 134 What amount should be reported for inventory on Swifty Camera Shop's balance sheet, assuming the lower-of-cost-or-net realizable value rule is applied?
Transcribed Image Text:Swifty Camera Shop 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 8 12 13 19 $174 The ending inventory $ 149 135 125 Net Realizable Value $160 183 115 134 What amount should be reported for inventory on Swifty Camera Shop's balance sheet, assuming the lower-of-cost-or-net realizable value rule is applied?
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