Question: Required: Consider the information in the table above to answer questions 1 and 2 . Consider the following: a. Use IFRS only to answer the

Required: Consider the information in the table above to answer questions

Required: Consider the information in the table above to answer questions 1 and 2 . Consider the following: a. Use IFRS only to answer the questions below. b. Net Income under US GAAP is $123,000 after considered a Loss of $19,000 due to inventory market decline in 2022. c. "Ceteris paribus" = Other things being equal. Assume Inventory valuation is the only difference between US GAAP and IFRS accounting system. d. MMM Inc. uses LIFO. e. Use individual analysis. f. Do not consider any tax rate effect. 1. Using IFRS. After computing the loss (if any), determine the Net Income. (4 points)

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