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Presented below is information related to Vaughn Inc's inventory, assuming Vaughn uses lower-of-LIFO cost-or-market. Determine the following: (a) The two limits to market value (i.e.

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Presented below is information related to Vaughn Inc's inventory, assuming Vaughn uses lower-of-LIFO cost-or-market. 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, es. 52.75.) Ceiling $ Floor (b) The cost amount that should be used in the lower-of-cost-or-market comparison of boots. (Round answer to 2 decimal ploces, es. 52.75.)

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