Data related to the inventories of Alpine Ski Equipment and Supplies is presented below: Skis Boots Apparel Supplies Selling price $ 164,000 $ 157,000 $ 116,000 $ 69,000 Cost 138,000 138,000 81,200 44,850 Replacement cost 133,000 112,000 101,200 40,850 Sales commission 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 Supplies Selling price $ 164,000 $ 157,000 $ 116,000 $ 69,000 Cost 138,000 138,000 81,200 44,850 Replacement cost 133,000 112,000 101,200 40,850 Sales commission 10 % 10 % 10 % 10 % In applying the lower of cost or net realizable value rule, the inventory of skis would be valued at:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Data related to the inventories of Alpine Ski Equipment and Supplies is presented below:
| Skis | Boots | Apparel | Supplies | ||||||||||||
| Selling price | $ | 164,000 | $ | 157,000 | $ | 116,000 | $ | 69,000 | |||||||
| Cost | 138,000 | 138,000 | 81,200 | 44,850 | |||||||||||
| Replacement cost | 133,000 | 112,000 | 101,200 | 40,850 | |||||||||||
| Sales commission | 10 | % | 10 | % | 10 | % | 10 | % | |||||||
In applying the lower of cost or net realizable value rule, the inventory of skis would be valued at:
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