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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 Selling price Cost to
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 Selling price Cost to distribute Current replacement cost Normal profit margin $209.00 233.20 20.90 223.30 35.20 $116.60 159.50 8.80 115.50 31.90 $58.30 81.13 2.75 56.10 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 Ceiling Limit Floor Limit s (b) The cost amount that should be used in the lower-of-cost-or-market comparison of boots The cost amount (c) The market amount that should be used to value parkas on the basis of the lower-of-cost-or-market The market amount
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