Data related to the inventories of Alpine Ski Equipment and Supplies is presented below: Selling price Skis $167,000 Boots $157,000 Apparel $117,000 Supplies $64,000 Cost 137,000 Replacement cost 132,000 141,000 116,000 76,050 41,600 96,050 37,600 Sales commission 10% 10% 10% 10% In applying the lower of cost or net realizable value rule, the inventory of skis would be valued at: Multiple Choice $132,000. $137,000. $116,900. In applying the lower of cost or net realizable value rule, the inventory c Multiple Choice $132,000. $137,000. $116,900. O $150,300. Madison Co. has determined its year-end inventory on a LIFO basis to be $601,000. Infor Selling price Costs to sell Replacement cost $721,000 30,500 Normal profit margin 80,500 621,000 What should be the reported value of Madison's inventory? Multiple Choice $601,000. $621,000. $690,500. What should be the reported value of Madison's inventory? Multiple Choice $601,000. $621,000. $690,500. $610,000