Tamarisk 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   Cost per Unit   Net Realizable Value per Unit Cameras                Minolta   5   $168   $143    Canon   8   133   154 Light Meters                Vivitar   12   114   100    Kodak   11   109   128 What amount should be reported on Tamarisk Camera Shop’s financial statements, assuming the lower-of-cost-or-net realizable value rule is applied?

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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.