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Presented below is information related to Oriole Inc's inventory, assuming Oriole uses lower-of-LIFO cost-or-market.
Discussions
(per unit)
Skis
Boots
Parkas
Conferences
Historical cost
$266.00 $148.40
$74.20
Collaborations
Selling price
296.80
203.00
103.25
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Cost to distribute
6.60
11.20
3.50
Current replacement cost
284.20 147.00
71.40
Normal profit margin
44.80
40.60
29.75
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. (Round answers to 2 decimal places, e.g. 52.75.)
Ceiling Limit $
Floor Limit
$
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(b) The amount that should be used in the lower-of-cost-or-market comparison of boots. (Round answers to 2 decimal places, e.s.
52.75.)
$
(c) The amount that should be used to value parkas on the basis of the lower-of-cost-or-market. (Round answers to 2 decimal
places, e.g. 52.75.)
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