Please help me answer the following questions:

Assume that Fraud Corp. had the following values for ending inventory on December 31, 2017.

Inventory cost (Using FIFO)$ 10

Inventory replacement cost$ 8

Inventory NRV (net realizable value)$ 11

Inventory profit margin$ 4

Questions:

[1] Under U.S. GAAP, what is the market value of ending inventory?

[2] Under U.S. GAAP, prepare the impairment (LCM: Lower of Cost or market) journal entry if necessary.

[3] Under U.S. GAAP, what is the carrying value (book value) of inventory which will be reported on the 2017 Balance Sheet?

[4] Under IFRS, what is the market value of ending inventory?

[5] Under IFRS, prepare the impairment (LCM: Lower of Cost or market) journal entry if necessary.

[6] Under IFRS, what is the carrying value (book value) of inventory which will be reported on the 2017 Balance Sheet?

Thank you in advance