Blossom Camera Shop Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data...

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Blossom Camera Shop Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data...

Blossom 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	$178	$149
Canon	7	153	161
Light Meters
Vivitar	13	136	111
Kodak	10	111	141

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

Total

$

business accounting

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Answer 1

Answer #1

	Cost per unit (a)	Net realizable value per unit (b)	Lower of cost or Net realizable value (lower of a/b) (c)	Units (d)	Inventory value to be reported (c*d)
Cameras
Minolta	178	149	149	5	745
Canon	153	161	153	7	1071
Light Meters
Vivitar	136	111	111	13	1443
Kodak	111	141	111	10	1110
Total					4369

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Answer 2

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