(Questions #13-#14 Lower of Cost or NRV): The following inventory information was taken from the records of Kleinfeld Inc.:

Historical cost $12,000

Replacement cost 7,000

Expected selling price 9,000

Expected selling cost 500

Normal profit margin 50% of selling price

______ 13. Under IAS 2, what should the balance sheet report for Inventory?

$7,000

$8,500

$7,600

$9,000

None of the Above