ACC 422 FInal Exam - 30888

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Presented below is information related to Rembrandt Inc.’s inventory.

 

(per unit)

Skis

Boots

Parkas

 

Historical cost

$255.93

 

$142.78

 

$71.39

 

 

Selling price

292.30

 

195.32

 

99.34

 

 

Cost to distribute

25.59

 

10.78

 

3.37

 

 

Current replacement cost

273.44

 

141.44

 

68.70

 

 

Normal profit margin

43.10

 

39.06

 

28.62

 

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.)

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Ceiling

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Floor

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(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.)

 

         

 

Cost amount

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(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.)

 

         

Text Box:

Market amount

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