29 Jun Historical cost
Question
Presented below is information related to Rembrandt Inc.’s inventory.
(per unit)
Skis
Boots
Parkas
Historical cost
$255.93
$142.78
$71.39
Selling price
292.30
195.32
99.34
Cost to distribute
25.59
10.78
3.37
Current replacement cost
273.44
141.44
68.70
Normal profit margin
43.10
39.06
28.62
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.)
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Ceiling
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Floor
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(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
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(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.)
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