Brief Exercise 9-4 Presented below is information related to Carla Inc.'s Inventory, assuming Carta uses lower-of-LIFO cost-or-market. Skis (per unit) Boots Parkas Historical cost $281.20 $156.88 $78.44 Selling price 313.76 214.60 109.15 Cost to distribute 28.12 11.84 3.70 Current replacement cost 300.44 155.40 75.48 Normal profit margin 47.36 42.92 31.45 Determine the following: (a) The two limits to market value (.e., the ceiling and the floor) that should be used in the lower-of-cost-or-market computation for skis. Ceiling Limits Floor Limit (b) The cost amount that should be used in the lower-of-cost-or-market comparison of boots. The cost amount (c) The market amount that should be used to value parkas on the basis of the lower-of-cost-or-market. The market amount Question Attempts: 0 of 1 used SAVE FOR