Nash 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 $167 $164
Canon 8 134 156
Light Meters
Vivitar 11 118 114
Kodak 9 125 145

What amount should be reported on Nash Camera Shop's financial statements, assuming the lower-of-cost-or-market rule is applied?

Question

09-03-2020
Business

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Nash 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 $167 $164
Canon 8 134 156
Light Meters
Vivitar 11 118 114
Kodak 9 125 145

What amount should be reported on Nash Camera Shop's financial statements, assuming the lower-of-cost-or-market rule is applied?

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omotayoadekoya1 omotayoadekoya1 · Answer 1 · 2020-03-12T04:32:54+01:00

Answer:

$4,271

Explanation:

IAS 2 requires that inventory be measured at the lower of cost or net realizable value. Since inventory is initially recognized at cost, where the cost is lower than the net realizable value (NRV), the cost is written down to the NRV.

Unit Cost per unit NRV Per unit adjusted cost Inventory amount

Minolta 5 167 164 164 820

Canon 8 134 156 134 1072

Vivitar 11 118 114 114 1254

Kodak 9 125 145 125 1125

Total 4,271