Digital Camera Shop Inc uses the lower of cost or market basis for its


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

Sale price $15.00 Regular price $30.00

Digital Camera Shop Inc uses the lower‐of‐cost‐or‐market basis for

its inventory The following data are available at December 31
   Units
Cost per Unit
Market per Unit
Cameras          Minolta5
$170
$158
Canon7
145
152
Light Meters          Vivitar12
125
114
Kodak10
120
135
Instructions
What amount should be reported on Digital Camera Shop's financial statements, assuming the lower‐of‐cost‐or‐market rule is applied?
Determine LCM valuation

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