Ch8 LCNRV & LCM Question 4

Current Attempt in Progress Presented below is information related to Metlock Inc's inventory, assuming Metlock uses lower-of-LIFO cost-or-market. 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 5kis. (Round answers to 2 decimal places, eg 52.75.) Ceiling $ Floor (b) The cost amount that should be used in the lower-of-cost-of-market comparison of boots. (Round answer to 2 decimal ploces es. 52.75.) 5 (c) The market amount that should be used to value parkas on the basis of the lower-of-cost-or-market. Round annwer to 2 decimal ploces, es. 52.75