presented below is information related to rembrandt inc 039 s inventory per unit ski 500802
Aug 29, 2021 | Uncategorized
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.) |
| (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.) |
| (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.) |
