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Data related to the inventories of Alpine Ski Equipment and Supplies is presented below: Skis Boots Apparel Supplies Selling price $ 169,000 $ 169,000 $
Data related to the inventories of Alpine Ski Equipment and Supplies is presented below:
Skis | Boots | Apparel | Supplies | ||||||||||||
Selling price | $ | 169,000 | $ | 169,000 | $ | 118,000 | $ | 60,000 | |||||||
Cost | 137,000 | 140,000 | 76,700 | 42,000 | |||||||||||
Replacement cost | 133,000 | 121,000 | 96,700 | 38,000 | |||||||||||
Sales commission | 10 | % | 10 | % | 10 | % | 10 | % | |||||||
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In applying the lower of cost or net realizable value rule, the inventory of skis would be valued at:
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