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The following inventory information was taken from the records of ABC Co. for YEAR 1:...

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Accounting

The following inventory information was taken from the records of ABC Co. for YEAR 1:

Historical Cost $12,000

Replacement Cost $7,000

Expected Selling Price $9,000

Expected Selling Cost $500

Normal Profit Margin 20% of selling price

Required:

Journalize the outcome for Year 1, and show all work in detail using US GAAP and IFRS.

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