Reference no: EM132505047
Data related to the inventories of Mountain Ski Equipment and Supplies is presented below:
Skis Boots Apparel Supplies
Selling price $190,000 $160,000 $130,000 $70,000
Cost 133,000 138,000 95,000 53,000
Replacement cost 130,000 131,000 120,000 60,000
Sales commission 15% 15% 15% 15%
Normal gross- 25% 25% 20% 20%
profit ratio
Question 1: In applying the lower of cost or market rule, the inventory of boots would be valued at:
- $136,000.
- $138,000.
- $131,000.
- $96,000.
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