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Data related to the inventories of Mountain Ski Equipment and Supplies is presented below: Selling price Skis $180,000 Boots $150,000 Apparel $120,000 Supplies $60,000 Cost
Data related to the inventories of Mountain Ski Equipment and Supplies is presented below: Selling price Skis $180,000 Boots $150,000 Apparel $120,000 Supplies $60,000 Cost 128,000 133,000 90,000 48,000 Replacement cost 120,000 130,000 110,000 50,000 Sales commission 10% 10% 10% 10% Normal gross profit ratio 20% 20% 15% 15% In applying the lower of cost or market rule, the inventory of skis would be valued at: Multiple Choice $126,000. $162,000. $128,000. $120.000 In applying the lower of cost or market rule, the inventory of skis would be valued at Multiple Choice $126,000. $162.000 $128,000. $120,000
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