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

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                                                              

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