Data related to the inventories of Alpine Ski Equipment is shown below: Skis Boots Apparel Supplies Selling price $180,000 $150,000 $120,000 $60,000 Cost 128,000 133,000 90,000 45,000 Replacement cost 120,000 130,000 110,000 41,000 Sales commission 10% 10% 10% 10% Normal gross profit ratio 20% 20% 15% 15% In applying the LCM rule, the inventory of skis would be valued at: In applying the LCM rule, the inventory of boots would be valued at:
Data related to the inventories of Alpine Ski Equipment is shown below: Skis Boots Apparel Supplies Selling price $180,000 $150,000 $120,000 $60,000 Cost 128,000 133,000 90,000 45,000 Replacement cost 120,000 130,000 110,000 41,000 Sales commission 10% 10% 10% 10% Normal gross profit ratio 20% 20% 15% 15% In applying the LCM rule, the inventory of skis would be valued at: In applying the LCM rule, the inventory of boots would be valued at:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Data related to the inventories of Alpine Ski Equipment is shown below:
|
|
Skis |
Boots |
Apparel |
Supplies |
|
Selling price |
$180,000 |
$150,000 |
$120,000 |
$60,000 |
|
Cost |
128,000 |
133,000 |
90,000 |
45,000 |
|
Replacement cost |
120,000 |
130,000 |
110,000 |
41,000 |
|
Sales commission |
10% |
10% |
10% |
10% |
|
Normal gross profit ratio |
20% |
20% |
15% |
15% |
- In applying the LCM rule, the inventory of skis would be valued at:
- In applying the LCM rule, the inventory of boots would be valued at:
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