Acc422 Intermediate Accounting:  BE9-1 Presented below is information related to Rembrandt Inc.

Acc422 Intermediate Accounting: BE9-1 Presented below is information related to Rembrandt Inc.

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Acc422 Intermediate Accounting

BE9-1
Presented below is information related to Rembrandt Inc.'s inventory.
(per unit) Skis Boots Parkas
Historical cost 275.31 153.59 76.80
Selling price 314.43 210.11 106.86
Cost to distribute 27.53 11.59 3.62
Current replacement cost 294.15 152.15 73.90
Normal profit margin 46.37 42.02 30.79

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.)
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.)
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.)
Acc422 Intermediate Accounting: BE9-1 Presented below is information related to Rembrandt Inc.
.XLSX file (9.7KB)
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