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The following inventory information was taken from the records of GlobeKom Ltd:
Historical cost $12,000
Replacement cost $9,000
Expected selling price $10,000
Expected selling cost $1,500
Normal profit margin 10% of selling price
Problem 1: Under IAS 2, what is the net realizable value for inventory?
A. 10,000
B. 9,500
C. 9,000
D. 8,500
Problem 2: Under IAS 2, what should be the impairment loss for Inventory
A.0
B.2,000
c.3,500
D.1,500
Problem 3: Under U.S. GAAP, what should be the market value for Inventory (assuming LCM method is used)?
A.9000
B.9,500
C.8,500
D.10,000
Problem 4: Under U.S. GAAP, what should be the impairment loss for inventory (assuming LCM method is used)?
A. 0
C.1,500
D.3500
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