Data related to the inventories of Alpine Ski Equipment and Supplies is presented below: Selling price Cost Replacement cost Sales commission Skis $164,000 136,000 119,000 10% Boots $152,000 137.000 127,000 10% Apparel $104,000 72,800 112,000 10% Supplies $71,000 49,700 45,700 10% In applying the lower of cost and net realizable value rule, the inventory of apparel would be valued at