INSTRUCTIONS: 1. Determine the amount of the loss (if any) in year 1. 2. Determine the value of the Inventory at the end of year 1 and year 2. 3. Show all your computations. 4. Use only IFRS. INFORMATION: YEAR I YEAR 2 $1,000 Historical Cost: Replacement Cost: Estimated Selling Price: Estimated Cost to complete and sell Normal Profit $800 $880 $1,000 $900 $980 $50 $50 15% of NRV 15% of NRV *Exercise from: Doupnick and Perera (Book)