The Following Inventory Information Was Taken from the Records of GlobeKom

question 21

Multiple Choice

The following inventory information was taken from the records of GlobeKom Ltd.: $\begin{array}{lr}\text { Historical cost } & \$ 12,000 \\\text { Replacement cost } & \$ 9,000 \\\text { Expected selling price } & \$ 10,000 \\\text { Expected selling cost } & \$ 500 \\\text { Normal profit margin } & 10 \% \text { of selling price }\end{array}$
-Under IAS 2, what should the balance sheet report for Inventory?

• A)$9,000
• B)$8,500
• C)$9,500
• D)$10,000

---

Definitions:

Automatic Attitudes

Immediate, involuntary responses or evaluations that one has toward an object or concept.

Deliberate Attitudes

Conscious and intentional evaluations or feelings towards objects, people, or concepts.

Measure

In research and statistics, a measure refers to a method or tool used to assess, quantify, or record qualities, quantities, or performance.

Interpersonal Functions

The roles that interactions and communications play in maintaining relationships and fulfilling social needs among individuals.