Presented below is information related to Novak Inc's inventory, assuming Novak uses lower-of-LIFO cost-or-market (per unit) Historical cost Selling price Cost to distribute Current replacement cost Normal profit margin Skis $285,00 318.00 28.50 304.50 48.00 Boots $159.00 217.50 12.00 157.50 43.50 Parkas $79.50 110.63 3.75 76.50 31.88 Determine the following (a) The two limits to market value (ie, 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 $ Determine the following: (a) The two limits to market value (ie, 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, es 52.750) $ (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 s. 52.75.) eTextbook and Media Attempts: 0 of 3 used Submit Answer Save for Liter