Data related to the inventories of Mountain Ski Equipment and Supplies is presented below: Selling price Cost Replacement cost Sales commission Normal gross profit ratio Skis $182,000 129,000 122,000 20% 30% Boots $152,000 134,000 130,200 20% 30% Apparel $122,000 91,000 112,000 20% 25% Supplies $62,000 49,000 52,000 10% 25% In applying the lower of cost or market rule, the inventory of supplies would be valued at: Multiple Choice $40,300 $55,800 $52,000. $49.000