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Presented below is information related to Nash Inc's inventory, assuming Nash uses lower-of-LIFO cost-or-market. Determine the following: (a) The two limits to market value (i.e.,
Presented below is information related to Nash Inc's inventory, assuming Nash uses lower-of-LIFO cost-or-market. 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.) Floor $ (b) The cost amount that should be used in the lower-of-cost-or-market comparison of boots. (Round answer to 2 decimal places, e. 8.52 .75 .1 (c) The market amount that should be used to value parkas on the basis of the lower-of-cost-or-market. (Round answer to 2 decimal places, e.s. 52.75.)
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