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L UU Window Help X Ch : Homework u/courses/109076/assignments/786080?module_item_id=1992919 R $ 88% Sun 6:47 PM...

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L UU Window Help X Ch : Homework u/courses/109076/assignments/786080?module_item_id=1992919 R $ 88% Sun 6:47 PM a E Current Attempt in Progress - Your answer is partially correct. Presented below is information related to Metlock Inc's inventory, assuming Metlock uses lower-of-UFO cost-or-market. Historical cost 2 (per unit) Historical cost Selling price Cost to distribute Current replacement cost Normal profit margin Skis Boots $228.00 $127.20 54.40 174.00 22.80 9.60 243.60 126.00 38.40 34.80 Parkas $63.60 88.50 3.00 61.20 25.50 Determine the following: (a) The two limits to market value (le, 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, eg. 52.75.) Ceiling Limit $ Floor Limit $ 231.6 196.2 (b) The amount that should be used in the lower-of-cost-or-market comparison of boots. (Round answers to 2 decimal places, eg. 52.75.) 2019 of 538,800 would have been the same under either the conventional retail system of the LIFT ... 22

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