| Data related to the inventories of Alpine Ski Equipment and Supplies is presented below: |
| Skis | Boots | Apparel | Supplies | |
| Selling price | $166,000 | $161,000 | $106,000 | $72,000 |
| Cost | 128,000 | 138,000 | 68,900 | 46,800 |
| Replacement cost | 113,000 | 125,000 | 112,000 | 42,800 |
| Sales commission | 10% | 10% | 10% | 10% |
| In applying the lower of cost and net realizable value rule, the inventory of apparel would be valued at: |
Cost and Net Realizable Value Rule Assignment
Multiple Choice
- $97,980.
- $112,000.
- $95,400.
- $68,900. Get Accounting homework help today
