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The following inventory information above was taken from the records of GlobeKom Ltd.: Historical cost...

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Accounting

The following inventory information above was taken from the records of GlobeKom Ltd.:

Historical cost $12,000

Replacement cost $9,000

Expected selling price $10,000

Expected selling cost $500

Normal profit margin $10% of selling price

a. Under IAS 2, what should the Balance Sheet report for Inventory?

b. Under U.S. GAAP, what should the Balance Sheet report for Inventory?

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