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

Cost Replacement cost sales price normal profit margin A 176 160 200 10%

Selling costs are 5% of sales price.

If next year the selling price rises to $210, what value will be reported under GAAP and IFRS?

A company is unsure of the amount of its probable loss. It knows the following: 1,000,000 Loss - 50% probability $ $600,000 Loss - 30% probability\ $ 200,000 Loss - 10% probability

What amount would be reported under IFRS and under GAAP?