Data related to the inventories of Alpine Ski Equipment and Supplies is presented below:SkisBootsApparel$101,000Supplies$66,00046,20042,200Selling price$174,000$166,000142,000120,000Cost138,000134,00065,650Replacement costSales commission85,65010%10%10%10%In applying the lower of cost or net realizable value rule, the inventory of skis would be valued at:Multiple Choice$113,100.$138,000.$156,600.$134.000.

Solution: Net realizable value of Skis = selling price - selling costs = 174000 - 174000*10% =…

Data related to the inventories of Alpine Ski Equipment and Supplies is presented below: Skis Boots Apparel $101,000 65,650 85,650 Supplies $66,000 Selling price $174,000 138,000 134,000 $166,000 Cost 142,000 Replacement cost Sales commission 46,200 42,200 120,000 10% 10% 10% 10% In applying the lower of cost or net realizable value rule, the inventory of skis would be valued at:

Data related to the inventories of Alpine Ski Equipment and Supplies is presented below: Skis Boots Apparel $101,000 65,650 85,650 Supplies $66,000 Selling price $174,000 138,000 134,000 $166,000 Cost 142,000 Replacement cost Sales commission 46,200 42,200 120,000 10% 10% 10% 10% In applying the lower of cost or net realizable value rule, the inventory of skis would be valued at:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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