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Presented below is information related to Wildhorse Inc.'s inventory, assuming Wildhorse uses lower-of-LIFO cost-or-market. (per unit) Historical cost Selling price Cost to distribute Current replacement

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Presented below is information related to Wildhorse Inc.'s inventory, assuming Wildhorse uses lower-of-LIFO cost-or-market. (per unit) Historical cost Selling price Cost to distribute Current replacement cost Normal profit margin Skis $258.40 288.32 25.84 276,08 43.52 Boots $144.16 197.20 10.88 142.80 39.44 Parkas $72.08 100.30 3,40 69.36 28.90 Determine the following: (a) The two limits to market value (ie, the ceiling and the floor) that should be used in the lower-of-cost-or-market computation for skis. (Round answers to decimal places, eg. 52.75.) Ceiling Limit $ Floor Limit $ (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.) (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, eg. 52.75.)

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