3e12. a. $1,500. b. $1,0so. . $1,350. d. $1,320. s 300 20. Kevin Industries had the following Inventory cost tory values on Dee. 31,2012 $1,500 Inventory Costs to sell Inventory S1,400 $1,320 50 nder IFRS, what is the inventery amount reported on a. $1,500. b. $1,050. c. $1,350. d. $1,320. accounting correct on the 21. Under IFRS, which of the following statements is not for inventory? a. There b. Reversa c. The l d. are ceiling and floor in market value of inventory. I of impairment is allowed. ower of cost or market test is required. Revaluation of Inventory is prohibited. 2. As a first adopter of IFRS, Starfish company changed Inventory method fre the method IFRS prohibited to one of allowed methods. This year was inflationary period. Which of the following statements is correct on accounting for inventory? a. Ending inventory is decreased compared to that in the previous Inventory met b. Costs of good sold is decreased compared to that in the previous Inventory m c. Gross Margin is decreased compared to that in the previous Inventory metho d. None of the above