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 $196,800 136,000 105,800 15% 25% Boots $166,000 141,800 146,000 15% 25% Apparel $136,600 98,000 126,000 15% 20% Supplies $76,000 56,000 66,000 15% 20% In applying the lower of cost or market rule, the Inventory of skis would be valued at Multiple Choice O $117.600 $166.600 $111.600 C $119.600