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Question: Samsung Electronics reports the following regarding its accounting for inventories.
Inventories are stated at the lower of cost or net realizable value. Cost is determined using the average cost method, except for materials-in-transit which are stated at actual cost as determined using the specific identification method. Losses on valuation of inventories and losses on inventory obsolescence are recorded as part of cost of sales. As of December 31, 2008, losses on valuation of inventories amounted to W---- 651,296 million ( W---- is Korean won).
1. What cost flow assumption(s) does Samsung apply in assigning costs to its inventories?
2. What has Samsung recorded for 2008 as a write-down on valuation of its inventories?
3. If at year-end 2009 there was an increase in the value of its inventories such that there was a reversal of W900 million for the 2008 write-down, how would Samsung account for this under IFRS? Would Samsung's accounting be different for this reversal if it reported under U.S. GAAP? Explain.
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