Presented below is information related to Rembrandt Inc.'s inventory. (per unit) Historical cost Selling price Cost to distribute Skis Boots Parkas $201.02 $112.15 $56.07 224.30 153.41 78.03 20.10 8.46 2.65 Current replacement cost 214.77 111.09 53.96 Normal profit margin 33.86 30.68 22.48 Determine 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.

Presented below is information related to Sheffield Inc's inventory, assuming Sheffield uses lower-of-LIFO cost-or-market. Historical cost Selling price Cost to distribute Current replacement cost Normal profit margin (per unit) Floor $ Skis $254.60 $ $ 284.08 25.46 272.02 42.88 Boots $142.04 194.30 10.72 140.70 Parkas $71.02 98.83 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 $ 3.35 68.34 38.86 28.48 (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. 52.75.) (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. 52.75.)

Calculate the Lower-of-Cost-or-Market using the table below for Samson Goods, Inc. springs inventory. (1)    Complete the table. Part # Cost Replacement Cost Net Realizable Value Normal Profit NRV less Normal Profit LCM SP17G $181,000 $ 152,000 $151,000 $15,000     SP23X 254,000 249,800 262,500 25,800     SP78A 205,400 214,000 206,000 10,200     Total               (2) Prepare the journal entry to record the Allowance to Reduce Inventory to Market using the "Loss Method".          $                                     $                           (Record the adjustment to inventory due to decline in value)

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