3. Presented below is information related to Rembrandt Inc.'s inventory. (per unit) Skis Boots Parkas...
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3. Presented below is information related to Rembrandt Inc.'s inventory. (per unit) Skis Boots Parkas Historical cost $190.00 $106.00 $53.00 Selling price 212.00 145.00 73.75 Cost to distribute 19.00 8.00 2.50 Current replacement cost 203.00 105.00 51.00 Normal profit margin 32.00 29.00 21.25 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 Boots; (b) the cost amount that should be used in the lower-of-cost-or-market comparison of Parkas; and (c) the designated market amount that should be used to value Skis on the basis of the lower-of-cost-or-market
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