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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.
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