Determine the amount of the ending inventory by applying the lower-of-cost-or-market basis.

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Optix Camera Shop uses the lower-of-cost-or-market basis for its inventory. The following data are available at December 31.

Item

Units

Unit Cost

Market

Cameras:

Minolta

5

$170

$156

Canon

6

150

152

Light meters:

Vivitar

12

125

115

Kodak

14

120

135

Instructions

Determine the amount of the ending inventory by applying the lower-of-cost-or-market basis.

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