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Presented below is information related to Monty Inc.'s inventory, assuming Monty uses lower-of-LIFO cost-or-market. (per unit) Historical cost Selling price Cost to distribute Current replacement

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Presented below is information related to Monty Inc.'s inventory, assuming Monty uses lower-of-LIFO cost-or-market. (per unit) Historical cost Selling price Cost to distribute Current replacement cost Normal profit margin Skis $269.80 301.04 26.98 288.26 45.44 Boots $150.52 205.90 11.36 149.10 41.18 Parkas $75.26 104.73 3.55 72.42 30.18 Determine the following: (a) The two limits to market value (le, the ceiling and the floor) that should be used in the lower of cost-or-market computation for skis. Ceiling Limit $ 235.46 Floor Limit $ 196,42 (b) The cost amount that should be used in the lower-of-cost-or-market comparison of (b) The cost amount that should be used in the lower-of-cost-or-market comparison of boots. The cost amount $ 129.32 (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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