What definition is used for "market" under IFRS and ASPE? OA. The amount that can be obtained from selling the inventory less selling costs. B. The lowest amount that can be obtained from the sale of inventory. OC. The amount required to be paid to replace an item of inventory. OD. The amount it would cost to repurchase an item of inventory. Which transaction would be included in the year end inventory? OA. Goods shipped out F.O.B. shipping point at year end. OB. Goods shipped out on consignment at year end. C. Goods received after year end, shipped F.O.B destination. OD. Goods received on consignment at year end. Assume that a purchase invoice for $1,000 was appropriately recorded in fiscal 2019, but the inventory was excluded in error during the ending inventory count. What impact will this have on fiscal 2019 financial reporting? A. Gross margin is overstated by $1,000. B. Cost of goods sold is understated by $1,000. C. Net income is overstated by $1,000. D. Ending inventory is understated by $1,000. O Which method cannot be used in Canada to allocate inventory costs between the income statement and the balance sheet? A. FIFO B. LIFO C. Specific identification D. Retail inventory method