Question: QUESTION 8 30 points Saved Data related to the inventories of Kimzey Medical Supply are presented below: Surgical Equipment $260 Rehab Supplies Surgical Supplies $120

QUESTION 8 30 points Saved Data related to the inventories of

QUESTION 8 30 points Saved Data related to the inventories of Kimzey Medical Supply are presented below: Surgical Equipment $260 Rehab Supplies Surgical Supplies $120 Rehab Equipment Selling price $340 $165 Cost 179 90 162 250 25 80 Replacement cost Costs to sell 240 30 25 158 10 20% Normal gross profit ratio 30% 30% 30% Calculate the ending inventory using the lower of cost or market rule assuming the valuation method is applied to each inventory item. Prepare the necessary journal entry to be recorded. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). T T T Arial 3 (12pt) T- 5 - E - - @ 's

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