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Question 27 (16 points) Saved Company ABC uses IFRS and it has a product...

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Question 27 (16 points) Saved Company ABC uses IFRS and it has a product 101. At the end of Year 1, the information related to this product is as follows: Cost is $95; replacement cost is $120; selling price is $100; Company ABC expects to incur selling costs equal to 10% of the selling price. In year 2, company ABC still has the same amount of product of 101, and the information related to this product is: Cost is $100; replacement cost is $110; selling price is $120; Company ABC expects to incur selling costs equal to 10% of the selling price. a. Determine the amount at which ABC should report its inventory at the end of year 1. (4 points, note: You need show the calculation) b. Determine the amount at which ABC should report its inventory at the end of year 2 (4 points; You need show the calculation) C. what is, if any, the journal entry at the end of year 2? (4 points) d. If Company ABC uses US GAAP, will the answer be different for question c? Why (4 points)

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