(Answered) Question - presented below is information related to monty

Accounting

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.

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