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?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 7RE: Uncle Butchs Hunting Supply Shop reports the following information related to inventory: Calculate...
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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?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbe5dee22-cf52-49a9-a045-9b6fb9afe878%2F9f510cfd-3609-48cc-a66e-7ee9b324e34a%2F0w0p9hi_processed.jpeg&w=3840&q=75)
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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