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Question - Presented below is information related to Monty Inc.'s inventory, assuming Monty uses lower-of-LIFO cost-or-market.
(per unit)
Skis
Boots
Parkas
Historical cost
$269.80
$150.52
$75.26
Selling price
301.04
205.90
104.73
Cost to distribute
26.98
11.36
3.55
Current replacement cost
288.26
149.10
72.42
Normal profit margin
45.44
41.18
30.18
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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