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Data related to the Inventories of Mountain Ski Equipment and Supplies is presented below: Apparel Skis $185,000 $125,000 130,500 92,500 125,000 115,000 Selling price Cost Replacement cost Sales commission Normal gross profit ratio 20% 30% Boots $155,000 135,500 130,500 20% 30% 20% 25% In applying the lower of cost or market rule, the Inventory of apparel would be valued at: Supplies $65,000 50,500 55,000 20% 25%

Data related to the Inventories of Mountain Ski Equipment and Supplies is presented below: Apparel Skis $185,000 $125,000 130,500 92,500 125,000 115,000 Selling price Cost Replacement cost Sales commission Normal gross profit ratio 20% 30% Boots $155,000 135,500 130,500 20% 30% 20% 25% In applying the lower of cost or market rule, the Inventory of apparel would be valued at: Supplies $65,000 50,500 55,000 20% 25%

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 Mountain Skl Equipment and Supplies is presented below: Selling price Cost Replacement cost Sales commission Normal gross profit ratio Skis $185,000 130,500 125,000 20% 30% Boots $155,000 135,500 130,500 20% 30% Apparel $125,000 92,500 115,000 20% 25% In applying the lower of cost or market rule, the Inventory of apparel would be valued at: Supplies $65,000 50,500 55,000 20% 25%
Transcribed Image Text:Data related to the Inventories of Mountain Skl Equipment and Supplies is presented below: Selling price Cost Replacement cost Sales commission Normal gross profit ratio Skis $185,000 130,500 125,000 20% 30% Boots $155,000 135,500 130,500 20% 30% Apparel $125,000 92,500 115,000 20% 25% In applying the lower of cost or market rule, the Inventory of apparel would be valued at: Supplies $65,000 50,500 55,000 20% 25%
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