Data related to the inventories of Mountain Ski Equipment and Supplies is presented below: Skis $180,000 128,000 120,000 10% Selling price Cost Replacement cost Sales commission Normal gross profit ratio 3.34 points Boots $150,000 133,000 130,000 10% 20% Apparel $120,000 90,000 110,000 10% 15% Supplies $60,000 48,000 50,000 10% 15% ( 8 01:32:14 20% In applying the lower of cost or market rule, the inventory of apparel would be valued at: Multiple Choice 0 $108,000 0 $110,000 0 0 $115,000