Presented below is information related to Alstott Inc.€™s inventory.

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 thelower-of-cost-or-market.

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Parkas $53.00 73.75 2.50 51.00 21.25 (per unit) Skis $190.00 217.00 19.00 203.00 32.00 Boots $106.00 145.00 Historical cost Selling price Cost to distribute Current replacement cost Normal profit margin 8.00 105.00 29.00