Rembrandt Sports Inc. provides the following inventory information: (per unit) Historical Cost Snowboards Helmets Gloves $210.50 $105.75 $60.30 Selling Price $230.80 $140.90 $85.20 Cost to Distribute $18.40 $9.15 $3.50 Current Replacement Cost $218.60 $103.50 $58.25 Normal Profit Margin $35.40 $28.30 $24.10 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 snowboards.

3. Presented below is information related to Headland Inc.'s inventory, assuming Headland uses lower-of-LIFO cost-or-market. (per unit) Skis Boots Parkas Historical cost $266.00 $148.40 $74.20 Selling price 296.80 203.00 103.25 Cost to distribute 26.60 11.20 3.50 Current replacement cost 284.20 147.00 71.40 Normal profit margin 44.80 40.60 29.75 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. (c) The market amount that should be used to value parkas on the basis of the lower-of-cost-or- market.

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Sunland company provided the following information of its two products: Product A Product B Cost $20 $90 Replacement cost $18 $85 Selling price $40 $120 Selling costs $6 $40 Normal profit margin $5 $30 1 12 Suppose company's ending inventory contains 1,500 units of both the products. Computethe carrying value of the company's inventory using LCM rule applied to individual products. 12

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Presented below is information related to Waterway Inc's inventory, assuming Waterway uses lower-of-LIFO cost-or-market. (per unit) Skis Boots Parkas Historical cost $262.20 $146.28 $73.14 Selling price 292.56 200.10 101.78 Cost to distribute 26.22 11.04 3.45 Current replacement cost 280.14 144.90 70.38 Normal profit margin 44.16 40.02 29.33 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 $ Floor $

Ames Trading Co. has the following products in its ending inventory. Product Quantity Cost per Unit Market per Unit Mountain bikes 11 $ 600 $550 Skateboards 13 $350 $425 Gliders 26 $ 800 $ 700 Compute lower of cost or market for inventory applied separately to each product.

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Ames Trading Company has the following products in its ending inventory. Cost per Unit Market per Product Quantity Unit Mountain bikes 20 $ 610 $ 550 Skateboards 21 260 320 Gliders 28 930 900 Compute lower of cost or market for inventory applied separately to each product. Per Unit Total LCM applied to each product Inventory Items Units Cost Market Cost Market Mountain bikes Skateboards Gliders