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Data related to the inventories of Kimzey Medical Supply are presented below: Surgical Surgical Rehab Rehab Equipment Supplies Equipment Supplies Selling price $ 325 $
Data related to the inventories of Kimzey Medical Supply are presented below:
| Surgical | Surgical | Rehab | Rehab | ||||||||||||
| Equipment | Supplies | Equipment | Supplies | ||||||||||||
| Selling price | $ | 325 | $ | 185 | $ | 405 | $ | 230 | |||||||
| Cost | 235 | 155 | 315 | 227 | |||||||||||
| Replacement cost | 305 | 145 | 300 | 223 | |||||||||||
| Costs to sell | 56 | 18 | 38 | 36 | |||||||||||
| Normal gross profit ratio | 20 | % | 20 | % | 20 | % | 30 | % | |||||||
In applying the lower of cost or market rule, the inventory of surgical supplies would be valued at:
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Information Technology Control And Audit
Authors: Angel R. Otero
5th Edition
1498752284, 9781498752282
