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

Skis Boots Parkas (per unit) Historical cost Selling price Cost to distribute Current replacement cost Normal profit margin $224.20 250.16 22.42 239.54 37.76 $125.08 171.10 9.44 123.90 $62.54 87.03 2.95 60.18 25.08 34.22 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 Limits 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 amounts