Determine the inventory to be reported using lower of cost or market under GAAP and IFRS (Show all calculations) COST REPLACEMENT SELLING NORMAL PROFIT COST PRICE MARGIN 150 154 160 15% 142 102 150 20% Selling cost are 10% of selling price. 1. For product A after your calculation, describe what accounting is required under Both GAAP and IFRS 2. Say next year the selling price of product A went up to $170, what value would you now list inventory under both GAAP and IFRS