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Memphis Wholesale Market applies the lower of cost and net realizable valuation to individual products and has collected the following data: Product A Product B

Memphis Wholesale Market applies the lower of cost and net realizable valuation to individual products and has collected the following data:

Product AProduct BProduct C
  Selling price$101$126$81
  Cost717681
  Costs to sell16217

1.

Determine the inventory book value for Products A, B, and C.

Product NRV Cost Inventory Value

A

B

C

2.

Determine the inventory book value for Products A, B, and C assuming that Memphis Wholesale Market prepares its financial statements according to International Financial Reporting Standards (IFRS).

Product NRV Cost Inventory Value

A

B

C

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