Final answer:
Cullumber Camera Shop Inc uses the lower of cost or net realizable value basis for valuing its inventory.
Step-by-step explanation:
Cullumber Camera Shop Inc uses the lower of cost or net realizable value basis for valuing its inventory. This means that the company compares the cost of the inventory to its estimated net realizable value and uses the lower of the two as the value to report on its financial statements. Cost refers to the original cost of acquiring or producing the inventory, while net realizable value is the estimated selling price of the inventory minus any costs associated with selling it.