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(SP) | 180,000 | 140,000 | 120,000 | 60,000 |
Cost | 128,000 | 133,000 | 90,000 | 45,000 |
Replacement cost | 120,000 | 130,000 | 110,000 | 41,000 |
Selling costs(% of SP) | 10% | 10% | 10% | 10% |
In applying the lower of cost or net realizable value rule, the inventory of skis would be valued at:
a. | $162,000 | |
b. | $128,000 | |
c. | $120,000 | |
d. | $180,000 |
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