### Inventory Valuation for Swifty Video CenterAt the end of the fiscal year (December 31), Swifty Video Center has compiled the following cost and net realizable data for its inventory:| Inventory Categories | Cost Data | Net Realizable Value Data ||----------------------|-----------|---------------------------|| Cameras | $16,800 | $17,220 || Camcorders | $13,300 | $13,580 || Blu-ray Players | $19,600 | $18,060 |### TaskCompute the lower-of-cost-or-net realizable value valuation for the company's total inventory.**The calculation involves comparing the cost data against the net realizable value data for each category and selecting the lower value to determine the total inventory valuation.**#### Lower-of-Cost-or-Net Realizable Value Calculation:1. **Cameras:** Choose the lower between $16,800 and $17,220, which is $16,800.2. **Camcorders:** Choose the lower between $13,300 and $13,580, which is $13,300.3. **Blu-ray Players:** Choose the lower between $19,600 and $18,060, which is $18,060.**Total Inventory Valuation:**- Total = $16,800 (Cameras) + $13,300 (Camcorders) + $18,060 (Blu-ray Players)- **The lower-of-cost-or-net realizable value is:** $48,160Enter the value in the provided space to ensure accurate financial reporting.

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Description: ### Inventory Valuation for Swifty Video CenterAt the end of the fiscal year (December 31), Swifty Video Center has compiled the following cost and net realizable data for its inventory:| Inventory Categories | Cost Data | Net Realizable Value Data

Inventory is usually recorded at the lower of its cost or net realizable value. This is used by…

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Swifty Video Center accumulates the following cost and net realizable data at December 31. Inventory Cost Net Realizable Categories Data Value Data Cameras $16,800 $17,220 Camcorders 13,300 13,580 Blu-ray players 19,600 18,060 Compute the lower-of-cost-or-net realizable value valuation for the company's total inventory. The lower-of-cost-or-net realizable value

Swifty Video Center accumulates the following cost and net realizable data at December 31. Inventory Cost Net Realizable Categories Data Value Data Cameras $16,800 $17,220 Camcorders 13,300 13,580 Blu-ray players 19,600 18,060 Compute the lower-of-cost-or-net realizable value valuation for the company's total inventory. The lower-of-cost-or-net realizable value

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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