OBJECTIVES 1. Describe the critical role of international perspectives in the application of accounting. 2. Discuss how differences in culture, the legal system, and the socio-economic environment impact the interpretation and analysis of financial information in different countries. 3. Improve your skills related to global financial information. 4. Discuss the need for the creation of uniform accounting standards of international application. ABC shows the following information ITEM UNITSCOST NRV TOTAL TOTAL COST NRY A General $50 SIS 523 88.250 $12.650 BGeneral 400 $26 $43 $10,400 517.200 C Superior 850 SIO $9 $8.500 $7,650 D Superior 620 $24 $41) $14,850 $24.800 INSTRUCTIONS: Use IFRS only A. Using Individual Items Analysis (10 points) 1. Determine the amount of the loss (if any). 2. Determine the value of Total Inventory ABC shows the following information ITEM UNITS COST NRV TOTAL TOTAL COST NRY A General $50 SIS $23 58.250 $12,650 B General 400 $26 $43 $10,400 $17.200 C Superior 850 S1059 $8.500 D Superior 620 524 $40 514880 $24.800 57.650 INSTRUCTIONS: Use IFRS only B. Using Group Item Analysis (10 points) 1. Determine the Loss if any. 2. Determine the Valuation of Total Inventory