Wolf Camera Shop Inc. uses the lower-of-cost-or-market basis for its inventory. The following data are available at December 31. $\begin{array}{lc}
&&&\text { Market } \
\text { } & \text { \underline{\text{ Units }} } & \text { \underline{\text{ Cost/Unit }} } & \text { \underline{\text{ Value/Unit }} } \
\text { {Cameras} } \
\text { Minolta } & 5 & \$175 & \$168 \
\text { Canon } & 7 & 148 & 152 \
\text { {Light Meters} } \
\text { Vivitar } & 15 & 125 & 119 \
\text { Kodak } & 10 & 120 & 135 \

\end{array} $ Instructions
What amount should be reported on Wolf Camera Shop's financial statements, assuming the lower-of-cost-or-market rule is applied?

Question

Wolf Camera Shop Inc. uses the lower-of-cost-or-market basis for its inventory. The following data are available at December 31. $\begin{array}{lc}
&&&\text { Market   }   \
\text {   } & \text {  \underline{\text{ Units }}  } & \text { \underline{\text{ Cost/Unit }}    }  & \text { \underline{\text{ Value/Unit }}    }  \
\text {  {Cameras} }   \
\text { Minolta  }  & 5 & \$175 & \$168 \
\text {  Canon }  & 7 & 148 & 152 \
\text {  {Light Meters}  }  \
\text { Vivitar  }  & 15 & 125 & 119 \
\text { Kodak  }  & 10 & 120 & 135 \
 
\end{array} $ Instructions
What amount should be reported on Wolf Camera Shop's financial statements, assuming the lower-of-cost-or-market rule is applied?

Quizplus · Accepted Answer

The Answer of Wolf Camera Shop Inc. uses the lower-of-cost-or-market basis for its inventory. The following data are available at December 31. $\begin{array}{lc}
&&&\text { Market   }   \
\text {   } & \text {  \underline{\text{ Units }}  } & \text { \underline{\text{ Cost/Unit }}    }  & \text { \underline{\text{ Value/Unit }}    }  \
\text {  {Cameras} }   \
\text { Minolta  }  & 5 & \$175 & \$168 \
\text {  Canon }  & 7 & 148 & 152 \
\text {  {Light Meters}  }  \
\text { Vivitar  }  & 15 & 125 & 119 \
\text { Kodak  }  & 10 & 120 & 135 \
 
\end{array} $ Instructions
What amount should be reported on Wolf Camera Shop's financial statements, assuming the lower-of-cost-or-market rule is applied?

Wolf Camera Shop Inc Instructions What Amount Should Be Reported on Wolf Camera Shop's

Wolf Camera Shop Inc Instructions
What Amount Should Be Reported on Wolf Camera Shop's