Presented below is information related to Concord Inc.s inventory, assuming Concord uses lower-of-LIFO cost-or-market.

(per unit) Skis Boots Parkas

Historical cost $209.00 $116.60 $58.30

Selling price 233.20 159.50 81.13

Cost to distribute 20.90 8.80 2.75

Current replacement cost 223.30 15.50 56.10

Normal profit margin 35.20 31.90 23.38

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, e.g. 52.75.) Ceiling $enter a dollar amount Floor $enter a dollar amount

(b) The cost amount that should be used in the lower-of-cost-or-market comparison of boots. (Round answer to 2 decimal places, e.g. 52.75.) $enter the cost amount in dollars

(c) The market amount that should be used to value parkas on the basis of the lower-of-cost-or-market. (Round answer to 2 decimal places, e.g. 52.75.)