BE$9\mathrm{.}4-$ Using Excel to Determine Lower$-$of$-$Cost or Market Inventory

Amounts

PROBLEM

Presented below is information related to Rembrandt Inc.$\text{'}$s inventory,

assuming Rembrandt uses lower$-$of$-$LIFO cost$-$or$-$market.

Student Work Area

Required: Provide input into cells shaded in yellow in this template. Use cell

references to the Problem area, along with mathematical formulas for any

amounts not given.

Determine the following to be used in the lower$-$of$-$cost$-$or$-$market

computation.

$($a$)$ The two limits to market value $($ceiling and the floor$)$ for skis

$($b$)$ The cost amount that should be used for boots

Cost

$($c$)$ The market amount that should be used for parkas

Floor

Replacement

Designated

Cost

Market

Fill in all the blanks on the excel sheet if you could please.