ABC Pte Ltd sells its bath foam in three different markets, namely Malaysia, Vietnam and Thailand, but it usually transacts in Thailand. Information about all three markets for the current period is as follows:

Malaysia Vietnam Thailand

Market Vol (Yearly) 65,000 15,000 34,000

Firm Volume (Yearly) 30,000 10,000 33,000

Price/unit ($) 150 159 147

Transportation cost/unit ($) 9 8 7

Transaction cost/unit ($) 2 6 5

a.According to FRS113, Fair Value Measurement, determine the fair value ABC Pte Ltd should be using in measuring the product in the current period's financial statement. Show your workings and reasoning.

b.How should the "principal market" and the "most advantageous market" be identified under FRS 113?