Data related to the inventories of Kimzey Medical Supply are presented below: Surgical Equipment Surgical Supplies Rehab Equipment Rehab Supplies Selling price $ 315 $ 175 $ 395 $ 220 Cost 225 145 305 217 Replacement cost 295 135 290 213 Costs to sell 52 16 36 32 Normal gross profit ratio 40% 40% 40% 40% In applying the lower of cost or market rule, the inventory of surgical supplies would be valued at: Multiple Choice $155. $145. $135. $119.

Data related to the inventories of Kimzey Medical Supply are presented below: Surgical Equipment Surgical Supplies Rehab Equipment Rehab Supplies Selling price $ 315 $ 175 $ 395 $ 220 Cost 225 145 305 217 Replacement cost 295 135 290 213 Costs to sell 52 16 36 32 Normal gross profit ratio 40% 40% 40% 40% In applying the lower of cost or market rule, the inventory of surgical supplies would be valued at: Multiple Choice $155. $145. $135. $119.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 9MC: Estimates of price-level changes for specific inventories are required for which of the following...

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	Surgical Equipment	Surgical Supplies	Rehab Equipment	Rehab Supplies
Selling price	$ 315	$ 175	$ 395	$ 220
Cost	225	145	305	217
Replacement cost	295	135	290	213
Costs to sell	52	16	36	32
Normal gross profit ratio	40%	40%	40%	40%

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Data related to the inventories of Kimzey Medical Supply are presented below: Selling price Cost Replacement cost Costs to sell Normal gross profit ratio Multiple Choice O O In applying the lower of cost or market rule, the inventory of surgical equipment would be valued at: O $285. $166. Surgical Equipment $305 215 285 48 30% $215. Surgical Supplies $165 135 125 14 30% Rehab Equipment $385 295 280 34 30% Rehab Supplies $210 207 203 28 20%
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