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Presented below is information related to Crane Inc.'s inventory, assuming Crane uses lower-of-LIFO cost-or-market. (per unit) Skis Boots Parkas Historical cost $ 193.80 $ 108.12

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Presented below is information related to Crane Inc.'s inventory, assuming Crane uses lower-of-LIFO cost-or-market. (per unit) Skis Boots Parkas Historical cost $ 193.80 $ 108.12 $ 54.06 Selling price 216.24 147.90 75.23 Cost to distribute 19.38 8.16 2.55 Current replacement cost 207.06 107.10 52.02 Normal profit margin 32.64 29.58 21.68 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 $ 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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