The cost of Fulton's inventory at the end of the year was $145,000 . Due to obsolescence, the cost to replace the inventory was only $90,000 . Net realizable value—what the inventory could be sold for—is $102,000. Required: Determine the amount Fulton should report on its year-end balance sheet for inventory assuming the company follows (a) U.S. GAAP and (b) IFRS
The amount to be reported on the year-end balance sheet for inventory assuming:
(a) U.S. GAAP: $90,000
(b) IFRS: $102,000
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