Data related to the inventories of Alpine Ski Equipment and Supplies is presented below:SkisBoots ApparelSuppliesSelling price$ 165,000$151,000$ 116,000$ 78,000Cost139,000137,00075,40054,600Replacement cost132,000122,00095,40050,600Sales commission1010%10%10%In applying the lower of cost or net realizable value rule, the inventory of skis would be valued at:

Answer: $1,39,000 calculate Net Realizable value. Net Realizable Value = (Sale price - sales…

Answered: Skis Вoot Selling price $ 165,000 Cost…

Business

Accounting

Skis Вoot Selling price $ 165,000 Cost 139,000 Replacement cost 132,000 Sales commission 10 %

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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Question

Data related to the inventories of Alpine Ski Equipment and Supplies is presented below:
Skis
Boots Apparel
Supplies
Selling price
$ 165,000
$
151,000
$ 116,000
$ 78,000
Cost
139,000
137,000
75,400
54,600
Replacement cost
132,000
122,000
95,400
50,600
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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