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			Product C
Selling price	$	101		$	126		$	81
Cost		71			76			81
Costs to sell		16			21			7

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