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 $183,000 129,500 123,000 10% 20% Boots $153,000 134,500 130,300 10% 20% Apparel $123,000 91,500 113,000 10% 15% Supplies $63,000 49,500 53,000 10% 15% In applying the lower of cost or market rule, the inventory of supplies would be valued at