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Determine the market amount that should be used

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Question - Presented below is information related to Wildhorse Inc.'s inventory, assuming Wildhorse 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.

Reference no: EM131728125

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