Problem 2: Lower-of-cost-or market (LCM) Presented below is information related to Rembrandt Inc.'s inventory, assuming Rembrandt lower-of-LIFO cost-or-market. (per unit) Historical cost Selling price Cost to distribute Current replacement cost Normal profit margin Skis / Boots $190.00 $106.00 212.00 145.00 19.00 8.00 203.00 105.00 32.00 29.00 Parkas $53.00 73.75 2.50 51.00 21.25 Instructions 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, (b) the cost amount that should be used in the lower-of-cost-or-market comparison of boots, and (c) the market amount that should be used to value parkas on the basis of the lower-of-cost-or- market