The following information is related to a company X inventory values: Original Cost =5700 Replacement cost =$750 Selling price minus selling cost =$675 Net profit margin =20% Answering the questions 68 bases on the above inventory information: 6. Under IFRS inventory must be recorded in a value of: a. 5675 . b. $700. c. $750. d. $800. 7. Under GAAP inventory must be recorded in a value of: a. $675. b. $700. c. $750. d. None of the above. 8. GAAP the new carrying amount of the inventory is less than the current replacement cost, GAAP allow the adjustment in this case. a. true. b. false