Laib Camera Shop Inc. uses the lower-of-cost-or-market basis for its inventory. The following data are available at December 31.
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| Units | Cost/Unit | Value/Unit | |
| Cameras | |||
| Minolta | 5 | $170 | $158 |
| Canon | 7 | 145 | 152 |
| Light Meters | |||
| Vivitar | 12 | 125 | 114 |
| Kodak | 10 | 120 | 135 |
Instructions
What amount should be reported on Laib Camera Shop”s financial statements, assuming the lower-of-cost-or-market rule is applied?
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