Pm assignment print view

11/29/22, 12:44 PM Assignment Print View
5.
Award: 0.15 out of 0.15 points
The following inventory information 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
Under U.S. GAAP, what should the balance sheet report for Inventory?
$9,000
$8,500
$9,500
$10,000
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… 5/10
References
Multiple Choice Learning Objective:
04-02 Describe IFRS
requirements related
to the recognition
and measurement of
assets, specifically
inventories; property,
plant, and equipment
(PPE); and
intangibles.
Difficulty: 3 Hard Learning Objective:
04-03 Explain major
differences between
IFRS and U.S. GAAP
on the recognition
and measurement of
assets.

11/29/22, 12:44 PM Assignment Print View
6.
Award: 0.15 out of 0.15 points
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 price
Under IAS 2, what should the balance sheet report for Inventory?
… 6/10
References
Multiple Choice Learning Objective:
04-02 Describe IFRS
requirements related
to the recognition
and measurement of
assets, specifically
inventories; property,
plant, and equipment
(PPE); and
intangibles.
Difficulty: 2
Medium
Learning Objective:
04-03 Explain major
differences between
IFRS and U.S. GAAP
on the recognition
and measurement of
assets.