Data related to the inventories of Alpine Ski Equipment and Supplies is presented below: Selling price Cost Replacement cost Sales commission Skis $172,000 139,000 132,000 105 Boots $168,000 135,000 113,000 108 Apparel $111,000 72,150 92,150 108 Supplies $73,000 51,100 47,100 108 In applying the lower of cost or net realizable value rule, the inventory of skis would be valued at: Multiple Choice $132,000 $154,800, $120,400 $154,800 $120,400 $139,000