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Data related to the inventories of Kimzey Medical Supply are presented below: Surgical Equipment Surgical Supplies Rehab Equipment Rehab Supplies Selling price $ 280 S 140 S 360 $185 Cost $190 $110 $270 $182 Replacement cost $260 $100 $255 $178 Costs to sell $38 $9 $41 $18 Normal gross profit ratio 20% 20% 20% 30% In applying the lower of cost or market rule, the inventory of rehab equipment woul Multiple Choice $255. $150. $319. $253.

Data related to the inventories of Kimzey Medical Supply are presented below: Surgical Equipment Surgical Supplies Rehab Equipment Rehab Supplies Selling price $ 280 S 140 S 360 $185 Cost $190 $110 $270 $182 Replacement cost $260 $100 $255 $178 Costs to sell $38 $9 $41 $18 Normal gross profit ratio 20% 20% 20% 30% In applying the lower of cost or market rule, the inventory of rehab equipment woul Multiple Choice $255. $150. $319. $253.

FINANCIAL ACCOUNTING
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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Data related to the inventories of Kimzey Medical Supply are presented below: Surgical Equipment Surgical Supplies Rehab Equipment Rehab Supplies Selling price $ 280 $ 140 $ 360 $185 Cost $190 $110 $270 $182 Replacement cost $260 $100 $255 $178 Costs to sell $38 $9 $41 $18 Normal gross profit ratio 20% 20% 20% 30% In applying the lower of cost or market rule, the inventory of rehab equipment would be valued at: Multiple Choice $255. $150. $319. $253.
Transcribed Image Text:Data related to the inventories of Kimzey Medical Supply are presented below: Surgical Equipment Surgical Supplies Rehab Equipment Rehab Supplies Selling price $ 280 $ 140 $ 360 $185 Cost $190 $110 $270 $182 Replacement cost $260 $100 $255 $178 Costs to sell $38 $9 $41 $18 Normal gross profit ratio 20% 20% 20% 30% In applying the lower of cost or market rule, the inventory of rehab equipment would be valued at: Multiple Choice $255. $150. $319. $253.
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