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Question - Presented below is information related to Sheridan Inc.'s inventory, assuming Sheridan uses lower-of-LIFO cost-or-market.(per unit)
Skis Boots Parkas
Historical cost $235.60 $131.44 $65.72
Selling price 262.88 179.80 91.45
Cost to distribute 23.56 9.92 3.10
Current replacement cost 251.72 130.20 63.24
Normal profit margin 39.68 35.96 26.35
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.
(b) The cost amount that should be used in the lower-of-cost-or-market comparison of boots.
(c) The market amount that should be used to value parkas on the basis of the lower-of-cost-or-market.
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