7. Riegel Company uses the lower-of-cost-or-market method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2013, consists of products D, E, F, G, H, and I. Relevant per-unit data for these products appear below Inventory Pool 1 Inventory Pool 2 Item D Item E Item F Item G Item H Estimated selling price $190 $174 $150 $142 $174 Cost 119 126 126 126 79 Replacement cost 190 114 111 47 111 Estimated selling expense 47 47 55 55 47 Normal profit (% of selling price) 20% 25% 17% 11% 5% Show work clearly for the following questions. a. Determine Floor for all the item. b. Determine Ceiling for all the item. c. Determine DMV for all the item. d. Using the lower-of-cost-or-market rule, determine the proper unit value for balance sheet reporting purposes at December 31, 2013, for each of the inventory items above. e. Using the lower-of-cost-or-market rule, determine the proper unit value for balance sheet reporting purposes at December 31, 2013, for each of the inventory items above. f. General question: Describe the circumstances where ceiling is more appropriate comparison with cost than replacement cost in your own language, in maximum of five sentences. Show work clearly