Business, 28.12.2019 06:31 redrocker

Data related to the inventories of mountain ski equipment and supplies is presented below:
skis boots apparel supplies
selling price $ 180,000 $ 150,000 $ 120,000 $ 60,000
cost 128,000 133,000 90,000 48,000
replacement cost 120,000 130,000 110,000 50,000
sales commission 10 % 10 % 10 % 10 %
normal gross profit ratio 20 % 20 % 15 % 15 %
in applying the lower of cost or market rule, the inventory of apparel would be valued at:
a. $108,000.
b. $ 90,000.
c. $110,000.
d. $115,000.

Answers: 3

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