Data related to the inventories of Kimzey Medical Supply are presented below:
Surgical Equipment | Surgical Supplies | Rehab Equipment | Rehab Supplies | |
Selling price | $260 | $120 | $340 | $165 |
Cost | 179 | 90 | 250 | 162 |
Replacement cost | 240 | 80 | 25 | 158 |
Costs to sell | 30 | 5 | 25 | 10 |
Normal gross profit ratio | 30% | 30% | 30% | 20% |
In applying the lower of cost or market rule, the inventory of surgical supplies would be valued at:
A. $75
B. $100
C. $80
D. $90
Answer: C. $80
Business
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