Data related to the inventories of Alpine Ski Equipment and Supplies is presented below: ...
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Data related to the inventories of Alpine Ski Equipment and Supplies is presented below:
| Skis | Boots | Apparel | Supplies | ||||||||||||
| Selling price | $ | 160,000 | $ | 152,000 | $ | 107,000 | $ | 70,000 | |||||||
| Cost | 133,000 | 137,000 | 69,550 | 45,500 | |||||||||||
| Replacement cost | 120,000 | 113,000 | 116,000 | 41,500 | |||||||||||
| Sales commission | 10 | % | 10 | % | 10 | % | 10 | % | |||||||
In applying the lower of cost or net realizable value rule, the inventory of apparel would be valued at:
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