Lower-of-cost-or-market valuation for O'Connor's inventory

O'Connor Video Center accumulates the following cost and market data at December 31.

Inventory Categories Cost Data Market Data
Cameras $12,500 $13,400
Camcorders 9,000 9,500
DVDs 13,000 12,800

Compute the lower-of-cost-or-market valuation for O'Connor's inventory.

Hint: Determine the LCM valuation.

Solution Summary

Lower-of-cost-or-market valuation for O'Connor's inventory