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

(per unit)

Skis

Boots

Parkas

Historical cost$235.60

$131.44

$65.72

Selling price262.88

179.80

91.45

Cost to distribute23.56

9.92

3.10

Current replacement cost251.72

130.20

63.24

Normal profit margin39.68

35.96

26.35

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