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

(per unit)

Skis

Boots

Parkas

Historical cost $230.09 $128.37 $64.18
Selling price 262.79 175.60 89.31
Cost to distribute 23.01 9.69 3.03
Current replacement cost 245.83 127.16 61.76
Normal profit margin 38.75 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 $
Floor $
(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 $
(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 $