Question
Determine the inventory to be reported using lower of cost or market under GAAP and IFRS (Show all calculations) Cost Replacement cost sales price normal
Determine the inventory to be reported using lower of cost or market under GAAP and IFRS (Show all calculations)
Cost Replacement cost sales price normal profit margin
A 146 150 160 20%
Selling costs are 10% of sales price
Assume in year 2 the sales price is now $170 and replacement cost is $160, What value is the inventory reported under GAAP and IFRS?
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Internal Auditing Assurance & Advisory Services
Authors: Urton L. Anderson, Michael J. Head, Sridhar Ramamoorti, Cris Riddle, Mark Salamasick, Paul J. Sobel
4th Edition
0894139878, 978-0894139871
