Question
Presented below is information related to Coronado Inc.s inventory, assuming Coronado uses lower-of-LIFO cost-or-market. (per unit) Skis Boots Parkas Historical cost $235.60 $131.44 $65.72 Selling
Presented below is information related to Coronado Inc.s inventory, assuming Coronado uses lower-of-LIFO cost-or-market. (per unit) Skis Boots Parkas Historical cost $235.60 $131.44 $65.72 Selling price 262.88 179.80 91.45 Cost to distribute 23.56 9.92 3.10 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 (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 Limit $enter a dollar amount Floor Limit $enter a dollar amount (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.) $enter the cost amount that should be used in the lower-of-cost-or-market comparison of boots (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.) $enter the market amount that should be used to value parkas on the basis of the lower-of-cost-or-market
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