Presented below is information related to Sunland Inc.'s inventory, assuming Sunland uses lower-of-LIFO cost-or-market. (per unit)...

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Presented below is information related to Sunland Inc.'s inventory, assuming Sunland uses lower-of-LIFO cost-or-market. (per unit) Skis Boots Parkas Historical cost $239.40 $133.56 $66.78 Selling price 267.12 182.70 92.93 Cost to distribute 23.94 10.08 3.15 Current replacement cost 255.78 132.30 64.26 Normal profit margin 40.32 36.54 26.78 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 $ SA Presented below is information related to Sunland Inc.'s inventory, assuming Sunland uses lower-of-LIFO cost-or-market. (per unit) Skis Boots Parkas Historical cost $239.40 $133.56 $66.78 Selling price 267.12 182.70 92.93 Cost to distribute 23.94 10.08 3.15 Current replacement cost 255.78 132.30 64.26 Normal profit margin 40.32 36.54 26.78 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 $ SA

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To calculate the ceiling and floor for skis using the lowerofLIFO cos... View the full answer