IAS 2, INVENTORIES - NUMERICAL COMPARISON TO U.S. GAAP Assume the following: (amount in '000') Y2 750 Y1 Historical cost $750 Replacement cost 600 $ 750 Estimated sales price 675 Estimated disposal costs 40 40 Normal profit margin 20% of sales price 20% Required: For Y1 & Y2, computed the inventory loss and prepare the required adjusting entry, and show the impact on the balance Sheet and the Income Statement under IFRS & US GAAP