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Question - At December 31, 2012, MNC still has the same three products in its inventory. Updated information for each product appears below.: Original cost Replacement cost Selling price Product 1 $150 $200 $210 Product 2 $180 $170 $180 Product 3 $120 $120 $150 MNC still considers product 1 to have an average profit margin (gross profit percentage) of 15% and products 2 & 3 to have an average profit margin of 10%. MNC typically incurs selling costs of 5% of the selling price.
a. Determine the amount of write-down reversal (if any) required using US GAAP. Calculate the write-down on both an individual and a total inventory basis.
b. Determine the amount of write-down reversal (if any) required using IFRS. Calculate the write-down on both an individual and a total inventory basis.
c. Prepare any necessary journal entries under the individual basis under US GAAP and IFRS.
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