Sunland 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 Costper Unit Net Realizable Valueper UnitCameras         Minolta 5 $183 $174   Canon 7 139 150Light Meters         Vivitar 12 123 110   Kodak 10 119 146What amount should be reported on Sunland Camera Shop’s financial statements, assuming the lower-of-cost-or-net realizable value rule is applied?Total $Enter a dollar amount that should be reported on $company’s financial statements

Question
Asked Oct 7, 2019
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Sunland 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   $183   $174
   Canon
  7   139   150
Light Meters
           
   Vivitar
  12   123   110
   Kodak
  10   119   146



What amount should be reported on Sunland Camera Shop’s financial statements, assuming the lower-of-cost-or-net realizable value rule is applied?

Total   $Enter a dollar amount that should be reported on $company’s financial statements
 
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