Data related to the inventories of Costco Medical Supply are presented below: Selling price Cost Costs to sell Surgical Equipment $275 165 14 Surgical Supplies $132 90 14 Rehab Equipment $ 358 266 28 Rehab Supplies $158 152 13 In applying the lower of cost or net realizable value rule, the inventory of surgical equipment would be valued at: Multiple Choice $261 $165. $225 $192 Madison Co. has determined its year-end inventory on a LIFO basis to be $609,000. Information pertaining to that inventory is as follows: Selling price Costs to sell Normal profit margin Replacement cost $729,000 34,500 84,500 629,000 What should be the reported value of Madison's inventory? Multiple Choice $609,000 $629,000 $694,500 5610.000 On July 8, a fire destroyed the entire merchandise inventory on hand of Larrenaga Wholesale Corporation. The following information is available: Sales, January 1 through July 8 Inventory, January 1 Purchases, January 1 through July 8 Gross profit ratio $681,000 149,000 657,000 288 What is the estimated inventory on July 8 immediately prior to the fire? Multiple Choice $183,960 $316,080 $490,320 $315.680