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Detetmine the two limits to market value

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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.

Reference no: EM131629814

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