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Determine the inventory to be reported

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Question - Determine the inventory to be reported using lower of cost or market under GAAP and IFRS (Show all calculations)

 

COST

REPLACEMENT COST

SELLING PRICE

NORMAL PROFIT MARGIN

 

A

150

154

160

15%

B

142

102

150

20%

Selling cost are 10% of selling price.

For product A after your calculation, describe what accounting is required under Both GAAP and IFRS.

Say next year the selling price of product A went up to $170, what value would you now list inventory under both GAAP and IFRS.

Reference no: EM132489308

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