6. Data related to the inventories of Alpine Ski Equipment and Supplies is presented below:SkisBootsApparelSuppliesSelling price$180,000 $140,000 $120,000 $60,000 Cost128,000 133,000 90,000 45,000 Replacement cost120,000 130,000 110,000 41,000 Sales commission10%10%10%10%In applying the lower of cost or net realizable value rule, the inventory of skis would be valued at:
7. In applying LCM, market cannot be:A) Less than net realizable value.B) Greater than the normal profit.C) Less than the normal profit margin.D) Greater than net realizable value.
8. In applying LCM, market cannot be: