Question: Current Attempt in Progress Presented below is information related to Novak Inc.'s inventory, assuming Novak uses lower-of-LIFO cost-or-market. Determine the following: (a) The two limits

 Current Attempt in Progress Presented below is information related to Novak

Current Attempt in Progress Presented below is information related to Novak Inc.'s inventory, assuming Novak 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 skis. (Round answers to 2 decimal places, e.g. 52.75.) Ceiling $ Floor $ (b) The cost amount that should be used in the lower-of-cost-or-market comparison of boots. (Round answer to 2 decimal places, e.g. 52.75.) $ (c) The market amount that should be used to value parkas on the basis of the lower-of-cost-or-market. (Round answer to 2 decimal places, e.g. 52.75.)

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