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Data related to the inventories of Mountain Ski Equipment and Supplies is presented below: ...

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Question

Accounting

Data related to the inventories of Mountain Ski Equipment and Supplies is presented below:
Skis
Boots
Apparel
Supplies
Selling price
$
191,000
$
161,000
$
131,000
$
71,000
Cost
133,500
138,500
95,500
53,500
Replacement cost
131,000
131,100
121,000
61,000
Sales commission
20
%
20
%
20
%
10
%
Normal gross profit ratio
30
%
30
%
25
%
25
%
In applying the lower of cost or market rule, the inventory of supplies would be valued at:
Multiple Choice
$46,150.
$63,900.
$61,000.
$53,500.

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