Return to Blackboard TIG Kieso, Intermediate Accounting, 16e Help System Announce PRINTER VERSION 4 CES CALCULATOR Brief Exercise 9-4 Presented below is information related to Coronado Inc.'s inventory, assuming Coronado uses lower-of-LIFO cost-or-market. Parkas (per unit) Historical cost Selling price Cost to distribute Current replacement cost Normal profit margin Skis $281.20 313.76 28.12 300.44 47.36 Boots $156.88 214.60 11.84 155.40 42.92 109.15 3.70 75.48 31.45 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. Ceiling Limits Floor Limits (b) The cost amount that should be used in the lower-of-cost-or-market comparison of boots. The cost amount (c) The market amount that should be used to value parkas on the basis of the lower-of-cost-or-market. The market amounts