intermediate accoutning- chapter 9

QUESTION 1 Data related to the inventories of Costco Medical Supply are presented below: Surgical Equipment 260 Surgical Supplies 100 Rehab Equipment S 340 250 Rehab Supplies 165 Sellings $ 170 90 162 price Cost Costs to sell 30 15 25 10 In applying the lower of cost or net realizable value rule on an individual item basis, the inventory of surgical equipment would be valued at: (do not includes in your answer) 4 points QUESTION 2 Howard's Supply Co. suffered a fire loss on April 20, 2021. The company's last physical inventory was taken January 30, 2021, at which time the inventory totaled $220,000. Sales from January 30 to April 20 were $600,000 and purchases during that time were $450,000 Howard's consistently reports a 30% gross profit. The estimated inventory loss is (do not include s or, in your answer)