Question
Data related to the inventories of Kimzey Medical Supply are presented below: Surgical Surgical Rehab Rehab Equipment Supplies Equipment Supplies Selling price $ 280 $
Data related to the inventories of Kimzey Medical Supply are presented below:
| Surgical | Surgical | Rehab | Rehab | ||||||||||||
| Equipment | Supplies | Equipment | Supplies | ||||||||||||
| Selling price | $ | 280 | $ | 140 | $ | 360 | $ | 185 | |||||||
| Cost | 190 | 110 | 270 | 182 | |||||||||||
| Replacement cost | 260 | 100 | 255 | 178 | |||||||||||
| Costs to sell | 38 | 9 | 29 | 18 | |||||||||||
| Normal gross profit ratio | 20 | % | 20 | % | 20 | % | 30 | % | |||||||
In applying the lower of cost or market rule, the inventory of rehab supplies would be valued at:
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Management Planning Guide For Information Systems Security Auditing
Authors: National State Auditors Association And The U. S. General Accounting Office
1st Edition
1508456720, 978-1508456728
