Best Buy uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31 Cameras Minolta Canon Light Meters Vivitar Kodak Units Total 12 10 Cost per Unit $179 160 113 116 Net Realizable Value per Unit $144 180 109 142 What amount should be reported on Best Buy'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.