Data related to the inventories of Alpine Ski Equipment and Supplies is presented below: Selling price Cost Replacement cost Sales commission Skis $175,000 144,000 114,000 10% Boots $156,000 140,000 121,000 10% Apparel $102,000 71,400 119,000 10% Supplies $66,000 42,900 38,900 10% In applying the lower of cost or net realizable value rule, the inventory of apparel would be valued at