Data related to the inventories of Alpine Ski Equipment and Supplies is presented below: Selling price Cost Replacement cost Sales commission Skis $176,000 139,000 117,000 108 Boots $153,000 142,000 122,000 10% Apparel $ 118,000 76,700 96,700 10% Supplies $ 76,000 49,400 45,400 108 In applying the lower of cost or net realizable value rule, the inventory of supplies would be valued at: In applying the lower of cost or net realizable value rule, the inventory of supplies would be valued at: Multiple Choice $68,400. $49,400 $46,400 $45,400