Question: I need the answer for C Presented below is information related to Metlock Inc.'s inventory, assuming Metlock uses lower-of-LIFO cost-or-market. Determine the following: (a) The
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 skis. (Round answers to 2 decimal places, eg. 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, es. 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, eg. 52.75.)
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