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A company determined the following information for its inventory at the end of an interim period on June 30, Year 2:
Historical cost......................... $80,000
Net realizable value (NRV).......... 77,000
Current replacement cost ...........76,000
Normal profit margin................. 2,000
The company expects that on December 31, Year 2, the inventory’s NRV reduced by a normal profit margin will be at least $81,000. What amount of inventory should the company report in its interim financial statements under IFRS and under U.S. GAAP on June 30, Year IFRS
U.S..... GAAP