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Presented below is information related to Swifty Inc.s inventory, assuming Swifty uses lower-of-LIFO cost-or-market. (per unit) Skis Boots Parkas Historical cost $201.40 $112.36 $56.18 Selling

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

(per unit)

Skis

Boots

Parkas

Historical cost

$201.40

$112.36

$56.18

Selling price

224.72

153.70

78.18

Cost to distribute

20.14

8.48

2.65

Current replacement cost

215.18

111.30

54.06

Normal profit margin

33.92

30.74

22.53

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.)

Ceiling Limit

$enter a dollar amount

image text in transcribed

Floor Limit

$enter a dollar amount

image text in transcribed

(b) The amount that should be used in the lower-of-cost-or-market comparison of boots. (Round answers to 2 decimal places, e.g. 52.75.)

image text in transcribed

(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.g. 52.75.)

image text in transcribed

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