The following inventory information above was taken from the records of Impair Ltd: Impair Ltd Inventory Inventory Cost Historic cost $360,000 Replacement cost $240,000 Selling price $320,000 Cost to complete and sell $40,000 Normal profit margin 10% of selling price If the FIFO method was used to measure ending inventory, what amount should the balance sheet report for ending inventory under US GAAP? Lower of cost or NRV ($320,000 less $40,000) $248,000 $240,000 $252,000 $280,000