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Presented below is information related to Blue Inc's inventory, assuming Blue uses lower-of-LIFO cost-or-market. (per unit) Historical cost Selling price Cost to distribute Current replacement
Presented below is information related to Blue Inc's inventory, assuming Blue uses lower-of-LIFO cost-or-market. (per unit) Historical cost Selling price Cost to distribute Current replacement cost Normal profit margin Skis Boots Parkas $273.60 $152.64 $76.32 305.28 208.80 106.20 27.36 11.52 3.60 292.32 151.20 73.44 46.08 41.76 30.60 Determine the following: (a) The two limits to market value (i.e. the ceiling and the floor) that should be used in the lower-of-cost-or-market computation for skis. (Round answers to 2 decimal places, eg. 52.75.) Ceiling Limit $ Floor Limit $ (b) The amount that should be used in the lower-of-cost-or-market comparison of boots. (Round answers to 2 decimal places, e.g. 52.75.) (c) The amount that should be used to value parkas on the basis of the lower-of-cost-or-market. (Round answers to 2 decimal places, eg. 52.75.) $
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