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Presented below is information related to Sarasota Inc.'s inventory, assuming Sarasota uses lower-of-LIFO cost-or-market. (per unit) Skis Boots Parkas Historical cost Selling price Cost to
Presented below is information related to Sarasota Inc.'s inventory, assuming Sarasota 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 $231.80 258.64 23.18 247.66 39.04 $129.32 176.90 9.76 128.10 35.38 $64.66 89.98 3.05 62.22 25.93 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 (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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