View Policies Current Attempt in Progress Presented below is information related to Novak Inc's inventory, assuming Novak uses lower-of-LIFO cost-or-market. Skis (per unit) Historical cost Selling price Cost to distribute Current replacement cost Normal profit margin $285.00 318.00 28.50 304.50 48.00 Boots Parkas $159.000 $79.50 217.50 11063 12.00 3.75 157.50 76.50 43.50 3188 Determine the following: (a) The two limits to market value (ie, 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, 68.52.75) Ceiling Limits Floor Limit (b) The amount that should be used in the lower-of-cost-or-market comparison of boots. (Round answers to 2 decimal places, es 52.750 $ la The amount that should be used to the newest 5275)