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Presented below is information related to Bramble Inc's inventory, assuming Bramble uses lower-of-LIFO cost-or-market. (per unit) Skis Boots Parkas Historical cost $67.84 94.40 Selling price
Presented below is information related to Bramble Inc's inventory, assuming Bramble uses lower-of-LIFO cost-or-market. (per unit) Skis Boots Parkas Historical cost $67.84 94.40 Selling price $243.20 $135.68 271.36 185.60 24.32 10.24 259.84 134.40 40.96 37.12 Cost to distribute Current replacement cost 3.20 65.28 27.20 Normal profit margin 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, eg. 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, e.g. 52.75.)
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