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Data related to the inventories of Kimzey Medical Supply are presented below:
Surgical Surgical Rehab Rehab
Equipment. Supplies Equipment Supplies
Selling price. $270 $130 $350 $175
Cost 180 100 260 172
Replacement cost 250 90 245 168
Costs to sell 34 7 27 14
Normal gross- 40% 40% 40% 40%
profit ratio
Question 1: In applying the lower of cost or market rule, the inventory of surgical supplies would be valued at:
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