Exencise 1: 6 mariss ABC Compa! cost of goods: During the year 2021 , the company also decided to give its employees a discount of $4700. Required: a) Assuming that ABC Co. uses the conventional retail inventory method, compute the cost of its ending inventory at December 31,2021. b) Give 2 examples of major differences between US GAAP and IFRS in terms of accounting for inventories