Data related to the inventories of Alpine Ski Equipment and Supplies is presented below: Skis Boots Apparel
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Question:
Data related to the inventories of Alpine Ski Equipment and Supplies is presented below:
Skis | Boots | Apparel | Supplies | |
Selling price | $166,000 | $158,000 | $104,000 | $73,000 |
Cost | 136,000 | 140,000 | 67,600 | 51,100 |
Replacement cost | 134,000 | 112,000 | 87,600 | 47,100 |
Sales commission | 10% | 10% | 10% | 10% |
In applying the lower of cost and net realizable value rule, the inventory of skis would be valued at: |
$134,000.
$149,400.
$107,900.
$136,000.
Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Posted Date: