Data related to the inventories of Alpine Ski Equipment and Supplies is presented below: Selling price Cost Replacement cost Sales commission Skis $175,000 137,000 131,000 10% Boots $162,000 137,000 119,000 10% Apparel $110,000 71,500 91,500 10% Supplies $69,000 44,850 40,850 10% In applying the lower of cost or net realizable value rule, the inventory of skis would be valued at