ASSESSMENT ACTIVITY: INVENTORY (LCM) 20 points OBJECTIVES 1. Describe the critical role of international perspectives in the application of accounting. 2. Discuss how differences in culture, the legal system, and the socio-economic environment impact the interpretation and analysis of financial information in different countries. 3. Improve your skills related to global financial information. 4. Discuss the need for the creation of uniform accounting standards of international application. INSTRUCTIONS: 1. Use the following information to answer the questions. 2. Use only IFRS. 3. You have to show the computations to receive the grade. INFORMATION: 2020 2021 Historical Cost: Replacement $900 Estimated $980 $1,100 $1,100 Cost: $1,000 Selling Price: $1,075 Estimated Cost to complete and sell $75 Normal Profit 25% of NRV $75 25% of NRV Questions: 1. Determine the amount of the loss (if any) in 2020. S 2. Determine the value of Inventory in 2020. S 3. Determine the amount of the loss (if any) in 2021. S 4. Determine the values of Inventory in 2021. $ Show all your computations in this area: You have to show the computations to receive the grade