Crowell Company uses the inventory method cost or market, whichever is lower. There were no sales or

Crowell Company uses the inventory method €œcost or market, whichever is lower.€ There were no sales or purchases during the periods indicated, although selling prices generally fluctuated in the same directions as replacement costs. Crowell makes adjustments for LCM each quarter. At what amount would you value merchandise on the dates that follow using U.S. GAAP? UsingIFRS?

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December 31, 20X1 April 30, 20X2 August 31, 20X2 December 31, 20X2 Invoice Cost $200,000 200,000 200,000 200,000 Replacement Cost $185,000 190,000 220,000 180,000 Realizable Value $195,000 210,000 225,000 190,000