Data related to the inventories of Kimzey Medical Supply are presented below: ...
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Accounting
Data related to the inventories of Kimzey Medical Supply are presented below:
Surgical Equipment Surgical Supplies Rehab Equipment Rehab Supplies Selling price $ 360 $ 220 $ 440 $ 265 Cost 270 190 350 262 Replacement cost 340 180 335 258 Costs to sell 70 25 45 50 Normal gross profit ratio 40% 40% 40% 40%
In applying the lower of cost or market rule, the inventory of surgical supplies would be valued at:
Multiple Choice -
$190.
-
$155.
-
$180.
-
$200.
Data related to the inventories of Kimzey Medical Supply are presented below:
| Surgical Equipment | Surgical Supplies | Rehab Equipment | Rehab Supplies | |
|---|---|---|---|---|
| Selling price | $ 360 | $ 220 | $ 440 | $ 265 |
| Cost | 270 | 190 | 350 | 262 |
| Replacement cost | 340 | 180 | 335 | 258 |
| Costs to sell | 70 | 25 | 45 | 50 |
| Normal gross profit ratio | 40% | 40% | 40% | 40% |
In applying the lower of cost or market rule, the inventory of surgical supplies would be valued at:
Multiple Choice
$190.
$155.
$180.
$200.
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