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 $186,000 131,000 126,000 108 Boots $156,000 136,000 130,600 108 208 Apparel $126,000 93,000 116,000 10% 15% Supplies $66,000 51,000 56,000 108 15% 200 In applying the lower of cost or market rule, the inventory of boots would be valued at: Multiple Choice O $140.400 0 $130,600. $130.600. O $109,200 O o $136,000 O