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

(per unit)		Skis		Boots		Parkas
Historical cost		$266.00		$148.40		$74.20
Selling price		296.80		203.00		103.25
Cost to distribute		26.60		11.20		3.50
Current replacement cost		284.20		147.00		71.40
Normal profit margin		44.80		40.60		29.75

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.

(b) The cost amount that should be used in the lower-of-cost-or-market comparison of boots.

(c) The market amount that should be used to value parkas on the basis of the lower-of-cost-or-market.