Question 7 of 11 View Policies Current Attempt in Progress Presented below is information related to Waterway Inc.'s inventory, assuming Waterway uses lower-of-LIFO cost-or- market. Skis (per unit) Historical cost Selling price Cost to distribute Current replacement cost Normal profit margin $262.20 292.56 26.22 280.14 44.16 Boots $146.28 200.10 11.04 144.90 40.02 Parkas $73.14 10178 3.45 70.38 29.33 Determine the following (a) The two limits to market value 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, s. 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 4:52.75) $ (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 52.753 $ e Textbook and Media Attempts of used