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Determine the two limits to market value

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Reference no: EM132448918

Problem - 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

250.8

139.92

69.96

Selling price

279.84

191.4

97.35

Cost to distribute

25.08

10.56

3.30

Current replacement cost

267.96

138.6

67.32

Normal profit margin

42.24

38.28

28.05

Required - 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.

Reference no: EM132448918

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