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bob has 2000000 of shoes in stock that cost 12

Bob has 2,000,000 of shoes in stock that cost $12 per pair. You are also able to determine the following amounts:

NRV= $11.25
Replacement cost= $11.10
NRV minus normal profit margin= $10.85

Calculate the value of the inventory under both IFRS and US GAAP.

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Accounting Basics: bob has 2000000 of shoes in stock that cost 12

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Accounting Basics: bob has 2000000 of shoes in stock that cost 12

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