Points: 0 of 6 Save n Play Time Company uses the inventory method "cost or market, whichever is lower. There were no sales or purchases during the periods indicated, although seling prices generally fluctuated in the same directions as replacement costs. Play Time makes adjustments for LCM each quarter (Click the loon to view the quarterly inventory data) Requirement 1. At what amount would you value merchandise on the dates that follow using U.S. GAAP? Using IFRS? At what amount would you value merchandise on the dates that follow using U.S. GAAP? Invoice Replacement Realizable Balance Sheet Cost Cost Value U.S. GAAP December 31, 20X1 $ 775,000 $ 755,000 $ 750,000 April 30, 20X2 775,000 760,000 760,000 August 31, 20X2 775,000 800,000 795.000 December 31, 20X2 775,000 753,000 726,000 - Data table December 31, 20X1 April 30, 20X2 August 31, 20X2 December 31, 20X2 Involce Cost $775,000 775,000 775.000 775,000 Replacement Cost $755.000 760,000 800,000 753,000 Realizable Value $750,000 750,000 795,000 726,000 Clear all Check