Data related to the Inventories of Alpine Ski Equipment and Supplies is presented below Appare1S Selling price Cost Replacement cost Sales commission Skis $174,000 146,000 119,000 Boots $154,000 139,000 119,000 $109,000 70,850 90,850 Supplies $63,000 40,950 36,950 10% 10% 10% 10% In applying the lower of cost or net realizable value rule, the inventory of supplies would be valued at Multiple Choice $37,950 $36,950 $40,950