Answered

IDNLearn.com connects you with a global community of knowledgeable individuals. Join our Q&A platform to get accurate and thorough answers to all your pressing questions.

Blue Spruce 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 $176 $168 Canon 6 149 152 Light Meters Vivitar 11 125 124 Kodak 10 129 132 What amount should be reported on Blue Spruce 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 Unresolved’s financial statements

Sagot :

Answer:

Total amount  $4,388                                                              

Explanation:

The computation of the amount that should be reported is shown below:

Products    Units Cost per unit  NRV Lower cost or NRV   TOtal

Minolta         5       $176                 $168   $168                       $840

Canon          6      $149                  $152    $149                       $894

Light meters  11   $125                  $124    $124                       $1,364

Kodak          10    $129                 $132     $129                       $1,290

Total amount                                                                            $4,388                                                              

Your participation means a lot to us. Keep sharing information and solutions. This community grows thanks to the amazing contributions from members like you. Thank you for visiting IDNLearn.com. We’re here to provide clear and concise answers, so visit us again soon.