Required: Answer the following questions regarding inventory valuation at the year-end using both US GAAP and IFR On December 31, 2017, Jets International had an inventory of five different types of airplane parts that were accounted for on the LIFO inventory method. Given the current fuel costs, airplane parts are not as valuable as they once were. The chart below provides the cost basis, net realizable value, replacement cost and net realizable value ess normal profit as of December 31, 2017. Cost NRV RC NRV-NPM $ 10,000 $ 20,000 $ 19,000 $ 12,000 $ 17,000 15,000 Part 20,000 S18,000 Part 2 Part 3 $ 5,000 $ 8,000 3,000 $15,000 $ 12,000 4,000 2,000 $ 11,000 12,000 Part 4 $ 15,000 Part 5 9,000 11,000 1. What is the amount of write-down (if any) required using US GAAP on item-by-item basis? Please provide the necessary journal entries 2. What is the amount of write-down (if any) required using IFRS on an item-by-item basis? Please provide the necessary journal entries The airline industry's business was so terrible during 2018, that Jets International still had the same five parts in its inventory as of December 31, 2018. However, fuel prices have decreased, so the outlook is more optimistic. As of the end of the year, Jets International's original cost basis, net realizable value, replacement cost and net realizable value less the normal profit were as follows. Original Cost RC NRV NRV-NPM $ 10,000 $ 20,000 $ 16,000 $ 19,000 21,000 13,000 Part $ 20,000 Part 2 18,000 3,000 12,000 Part 3 $ 5,000 8,000 4,000 16,000 14,000 5,000 $ 11,000 $ 10,000 $ Part 4 12,000 Part 5 15,000 3. What is the amount of write-down reversal (if any) required using US GAAP on item-by-item basis? Please provide the necessary journal entry What is the amount of write-down reversal (if any) required using IFRS on item-by-item basis? Please provide the necessary journal entry 4