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Problem - Inventory Write-Down - Palmquist Company has five different inventory items and applies the inventory valuation rules on an individual item basis. The normal markup on all items is 20% of cost. The following information is obtained from the company's records:
Item
Units
Cost
Replacement Cost
Net Realizable Value
1
500
$10.00
$ 9.10
$ 9.20
2
400
8.00
8.10
7.80
3
300
15.00
13.50
14.00
4
200
18.00
12.00
17.00
5
100
25.00
25.50
25.30
Required -
1. Assume that Palmquist uses the FIFO cost flow assumption. Compute the correct inventory value under the lower of cost or net realizable value rule.
2. Assume that Palmquist uses the LIFO cost flow assumption. Compute the correct inventory value under the lower of cost or market rule.
3. Assume that Palmquist uses IFRS. Compute the correct inventory value under the lower of cost or net realizable value rule.
4. Next Level Explain the differences between the inventory valuations reported under IFRS and U.S. GAAP.
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