Data related to the inventories of Alpine Ski Equipment and Supplies is presented below: Selling price...

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Data related to the inventories of Alpine Ski Equipment and Supplies is presented below: Selling price Cost Replacement cost

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Answer 1

Answer #1

Inventory of Boots would we valued at :

Cost of inventory. $ 148,000

Selling price of inventory. $ 145,000

Less : sales commission ( 14,500 )

( $145,000 * 10% )

Net realisable value. $ 130,500

By applying, lower of cost or net realisable value, the inventory of Boots would be valued at $ 130,500.

( Lower of $148,000 & $130,500 ).

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Answer 2

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