Determine the inventory to be reported using lower of cost or market under GAAP and IFRS (Show all calculations)

                         Cost               Replacement cost      sales price       normal profit margin

A                      146                       150                             160                  20%

Selling costs are 10% of sales price

Assume in year 2 the sales price is now $170 and replacement cost is $160, What value is the inventory reported under GAAP and IFRS?