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Presented below is information related to Coronado Inc's inventory, assuming Coronado uses lower-of-LIFO cost-or-market. Skis Boots Parkas (per unit) Historical cost $235.60 $131.44 $65.72 Selling

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Presented below is information related to Coronado Inc's inventory, assuming Coronado uses lower-of-LIFO cost-or-market. Skis Boots Parkas (per unit) Historical cost $235.60 $131.44 $65.72 Selling price 262.88 179.80 91.45 23.56 9.92 3.10 Cost to distribute Current replacement cost 251.72 130.20 63.24 Normal profit margin 39.68 35.96 26.35 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, (Round answers to 2 decimal places, eg. 52.75.) Ceiling Limit $ 239.32 Floor Limit $ 199.64 (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.) $ 179.8

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