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Data related to the inventories of Mountain Ski Equipment and Supplies is presented below: Selling price Cost Replacement cost Sales commission Normal gross profit ratio Skig $197,000 136,500 137,000 20$ 30% Boots $167,000 141,500 131,700 20% 30% Apparel $137,000 98,500 127,000 20% 25% Supplies $77,000 56,500 67,000 10% 25% In applying the lower of cost or market rule, the inventory of supplies would be valued at: NO.4 Saved Normal gross profit ratio 30% 30% 25 In applying the lower of cost or market rule, the inventory of supplies would be valued at: Multiple Choice $50,050. $69,300. $67,000. $56,500