Exercise 6-9 Ivanhoe Company uses the lower-of-cost-or-market basis for its inventory. The following data are available...

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Exercise 6-9 Ivanhoe Company uses the lower-of-cost-or-market basis for its inventory. The following data are available at December 31 Cost Market Units per Unit per Unit Cameras $173 132 $147 162 Minolta Canon Light Meters Vivitar Kodak 121 12 10 119 137 113 What amount should be reported on Ivanhoe Companys financial statements, assuming the lower-of-cost-or-market rule is appled Total LINK TO TEXT VIDEO: APPLIED SKİLLS VIDEO: SIMILAR EXERCISE Question Attempts: 0 of 3 used S

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Answer 1

Answer #1

	Units	cost per unit	market price per unit	total cost =cost*units	total market price = unit*market price	Lower of cost or market price
camera
Minolta	5	173	147	865	735	735
canon	7	132	162	924	1134	924
Light meter
vivitar	12	121	119	1452	1428	1428
kodak	10	113	137	1130	1370	1130
value of inventory reported on financial statement						4217

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Answer 2

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Add Answer to: Exercise 6-9 Ivanhoe Company uses the lower-of-cost-or-market basis for its inventory. The following data are available...

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