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Presented below is information related to Kingbird Inc.'s inventory., assumming Kingsbird uses lower of LIFO cost or market (Per Unit). Skis Boots Parkas Historical cost $269.80 $150.52 $75.26 Selling price 301.04 205.90 104.73 Cost to distribute 26.98 11.36 3.55 Current replacement cost 288.26 149.10 72.42 Normal profit margin 45.44 41.18 30.18

Presented below is information related to Kingbird Inc.'s inventory., assumming Kingsbird uses lower of LIFO cost or market (Per Unit). Skis Boots Parkas Historical cost $269.80 $150.52 $75.26 Selling price 301.04 205.90 104.73 Cost to distribute 26.98 11.36 3.55 Current replacement cost 288.26 149.10 72.42 Normal profit margin 45.44 41.18 30.18

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Presented below is information related to Kingbird Inc.'s inventory., assumming Kingsbird uses lower of LIFO cost or market (Per Unit). Skis Boots Parkas Historical cost $269.80 $150.52 $75.26 Selling price 301.04 205.90 104.73 Cost to distribute 26.98 11.36 3.55 Current replacement cost 288.26 149.10 72.42 Normal profit margin 45.44 41.18 30.18 Determine the following: (c) the market amount that should be used to value parkas on the basis of the lower- of-cost-or-market. The market amount $?
Transcribed Image Text:Presented below is information related to Kingbird Inc.'s inventory., assumming Kingsbird uses lower of LIFO cost or market (Per Unit). Skis Boots Parkas Historical cost $269.80 $150.52 $75.26 Selling price 301.04 205.90 104.73 Cost to distribute 26.98 11.36 3.55 Current replacement cost 288.26 149.10 72.42 Normal profit margin 45.44 41.18 30.18 Determine the following: (c) the market amount that should be used to value parkas on the basis of the lower- of-cost-or-market. The market amount $?
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