Question: Please answer the following question below: 1) The following inventory information was taken from the records of GlobeKom Ltd.:Historical cost: $12,000; Replacement cost: $9,000; Expected

Please answer the following question below:

1) 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. Under IAS 2, what should the balance sheet report for Inventory?

2) Assume that Rex Company Inc. has the following inventory item on hand at December 31, Year 1: History cost: $1,000; Replacement Cost: $900; Estimated selling price: $920; Estimated costs to complete and sell:$50. How much Inventory loss year 1 under US GAAP?

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