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Quickbooks Online Accounting

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter3: Setting Up A New Company

Section: Chapter Questions

Problem 2.3C

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Presented below is information related to Alpine Gear Inc.'s inventory.
(per unit)
Helmets Goggles Gloves
Historical cost
$89.75 $42.60 $27.15
Selling price
$128.50 $65.80 $39.95
$12.35 $6.40 $3.75
Cost to distribute
Current replacement cost $92.10 $40.85 $25.90
Normal profit margin $19.70 $13.20 $7.85
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 helmets.

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