Data related to the inventories of Mountain Ski Equipment and Supplies is presented below: 27 5 points Selling price Cost Replacement cost Sales commission Normal gross profit ratio Skis $184,000 130,000 124,000 15% 25% Boots $154,000 135,000 130,400 15% 25% Apparel $124,000 92,000 114,000 15% 20% Supplies $64,000 50,000 54,000 10% 20% 8 00:23:44 In applying the lower of cost or market rule, the inventory of supplies would be valued at: Multiple Choice $44,800. $57,600