Data related to the inventories of Kimzey Medical Supply are presented below: Selling price Cost...
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Data related to the inventories of Kimzey Medical Supply are presented below: Selling price Cost Replacement cost Costs to sell Normal gross profit ratio Surgical Equipment $335 245 315 60 303 Surgical Supplies $195 165 155 20 30% Rehab Equipment $415 325 310 40 308 Rehab Supplies $240 237 233 40 203 In applying the lower of cost or market rule, the inventory of surgical supplies would be valued at: Multiple Choice o $165 o $155. o $175
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