Question: An entity that prepares its financial statements using IFRS reported the following selected per-unit data relating to work-in- process: Selling price $100 Completion costs 10

An entity that prepares its financial statements using IFRS reported the

An entity that prepares its financial statements using IFRS reported the following selected per-unit data relating to work-in- process: Selling price $100 Completion costs 10 Historical cost 91 Replacement cost 108 Normal gross profit Selling cost In comparison with historical cost, what will be the per-unit effect on gross profit of measuring ending inventory? Increase of $5. Reduction of $26. No effect O Reduction of $6

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