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The following inventory information was taken from the records of GlobeKom Ltd:

Historical cost$12,000

Replacement cost$9,000

Expected selling price$10,000

Expected selling cost$1,500

Normal profit margin10% of selling price

Under IAS 2, what is the net realizable value for inventory?

A. 10,000

B. 9,500

C.9,000

D. 8,500

Under IAS 2, what should be the impairment loss for Inventory

A.0

B.2,000

c.3,500

D.1,500

Under U.S. GAAP, what should be the market value for Inventory (assuming LCM method is used)?

A.9000

B.9,500

C.8,500

D.10,000

Under U.S. GAAP, what should be the impairment loss for inventory (assuming LCM method is used)?

A. 0

B.2,000

C.1,500

D.3500