Brightlight Pte Ltd ("Brightlight) is a company incorporated in Singapore and adopts the SFRSs. It sells its LED light bulbs in three markets. The prices in the three markets for the LED light bulbs at the measurement date are as follows: Selling price/unit ($) Market volume (unit) Company volume (unit) Transaction costs/unit ($) Transport cost/unit ($) Market A Market B Market C 3.00 3.50 3.20 10,000 25,000 14,000 2,000 1,350 500 0.50 0.70 0.40 0.100.20 0.15 (a) Explain what fair value means under SFRS and determine the fair value of the LED light bulb Brightlight should use in the preparation of the financial statements. Show your workings and explain your answer. (10 marks) (b) Suppose that Brightlight is not able to determine the principal market, compute the fair value of the LED light bulb Brightlight should use in the preparation of the financial statements. Show your workings and explain your answer. (8 marks) Brightlight Pte Ltd ("Brightlight) is a company incorporated in Singapore and adopts the SFRSs. It sells its LED light bulbs in three markets. The prices in the three markets for the LED light bulbs at the measurement date are as follows: Selling price/unit ($) Market volume (unit) Company volume (unit) Transaction costs/unit ($) Transport cost/unit ($) Market A Market B Market C 3.00 3.50 3.20 10,000 25,000 14,000 2,000 1,350 500 0.50 0.70 0.40 0.100.20 0.15 (a) Explain what fair value means under SFRS and determine the fair value of the LED light bulb Brightlight should use in the preparation of the financial statements. Show your workings and explain your answer. (10 marks) (b) Suppose that Brightlight is not able to determine the principal market, compute the fair value of the LED light bulb Brightlight should use in the preparation of the financial statements. Show your workings and explain your answer. (8 marks)