Data related to the inventories of Kimzey Medical Supply are presented below: Surgical Equipment Surgical...
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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
$ 280 $ 140 $ 360 $185
Cost
$190 $110 $270 $182
Replacement cost
$260 $100 $255 $178
Costs to sell
$38 $9 $41 $18
Normal gross profit ratio
20% 20% 20% 30%
In applying the lower of cost or market rule, the inventory of rehab equipment would be valued at:
Multiple Choice
$255.
$150.
$319.
$253.
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