Use the same information from E10- 9 now assuming that All- Kinds- of- Cases Company is an IFRS reporter.
In the 10-9

Required
a. Conduct a lower- of- cost- or- market test for All- Kinds-of-Cases, assuming it uses the individual- item approach for LCM computations.
b. Conduct a lower- of- cost- or- market test for All-Kinds- of- Cases, assuming it uses the group- by- group approach for LCM computations.
c. Prepare the journal entry needed to adjust All- Kinds-of-Cases€™s inventory to a lower- of- cost- or- market (LCM) basis assuming that LCM is applied to individual items. All- Kinds- of- Cases uses the indirect approach to record any adjustments to LCM.

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Group # Smart phone case General Tech Notepad case Smart phonecase Pacific Base Notepad case Manufacturer CRC #Of Units SP S14 35 Disposal NPM Cost 450 300 750 520 S 6 8 14 5 16 General Tech 2 2 2 18 Pacific Base 12 32 15 14