Swifty Camera Shop Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following...
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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.
| Units | Cost per Unit | Net Realizable Value per Unit | ||||
|---|---|---|---|---|---|---|
| Cameras | ||||||
| Minolta | 5 | $179 | $144 | |||
| Canon | 8 | 160 | 180 | |||
| Light Meters | ||||||
| Vivitar | 12 | 113 | 109 | |||
| Kodak | 10 | 116 | 142 |
What amount should be reported on Swifty Camera Shops financial statements, assuming the lower-of-cost-or-net realizable value rule is applied?
| Total | $Enter a dollar amount that should be reported on Unresolveds financial statements |
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