Presented below is information related to Rembrandt Inc.'s inventory.    (per unit) Skis Boots Parkas  Historical cost$230.09 $128.37 $64.18  Selling price262.79 175.60 89.31  Cost to distribute23.01 9.69 3.03  Current replacement cost245.83 127.16 61.

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Presented below is information related to Rembrandt Inc.'s inventory.

 

 (per unit)

Skis

Boots

Parkas

 Historical cost$230.09 $128.37 $64.18 
 Selling price262.79 175.60 89.31 
 Cost to distribute23.01 9.69 3.03 
 Current replacement cost245.83 127.16 61.76 
 Normal profit margin38.75 35.12 25.73 

Determine the following:

 

(a)the two limits to market value (e.g., the ceiling and the floor) that should be used in the lower of cost or market computation for skis; (Round answers to 2 decimal places, e.g. 20.25.)

 

 
Ceiling$[removed]
Floor$[removed]

 

(b)the cost amount that should be used in the lower of cost or market comparison of boots; (Round answer to 2 decimal places, e.g. 20.25.)

 

 
Cost amount$[removed]

 

(c)the market amount that should be used to value parkas on the basis of the lower of cost or market. (Round answer to 2 decimal places, e.g. 20.25.)

 

 
Market amount$[removed]
    • 13 years ago
    • 999999.99
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