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Data related to the inventories of Costco Medical Supply are presented below: Surgical Surgical Rehab Rehab Equipment Supplies Equipment Supplies Selling price $265 $137 $352 $159 Cost 151 130 253 157 Costs to sell 13 23 28 9 In applying the lower of cost or net realizable value rule, the inventory of surgical supplies would be valued at: Multiple Choice $111 o $87 $130. $114 Data related to the inventories of Alpine Ski Equipment and Supplies is presented below: Selling price Cost Replacement cost Sales commission Skis $169,000 133,000 111,000 10% Boots $162,000 136,000 121,000 10% Apparel $120,000 78,000 116,000 10% Supplies $78,000 54,600 50,600 10% In applying the lower of cost or net realizable value rule, the inventory of apparel would be valued at: Multiple Choice $108,000. $78,000 $112.000 $116,000 Data related to the inventories of Mountain Ski Equipment and Supplies is presented below: Selling price Cost Replacement cost Sales commission Normal gross profit ratio Skis $180,000 128,000 120,000 10% 20% Boots $150,000 133,000 130,000 10% 20% Apparel $120,000 90,000 110,000 10% 15% Supplies $60,000 48,000 50,000 10% 15% In applying the lower of cost or market rule, the inventory of supplies would be valued at: Multiple Choice $45.000 $54,000 $50,000 $48,000 Under the retail inventory method: Multiple Choice A company measures inventory on its balance sheet by converting retail prices to cost. A company measures inventory on its balance sheet at current selling prices. A company measures inventory on its balance sheet on a LIFO basis. None of the other answer choices are correct

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