7) 14% - Determine the inventory to be reported using lower of cost or market under GAAP and IFRS (Show all calculations) Normal profit margin and Selling cost are 10% of the selling price. Assume the cost of inventory was $130 and at the end of year 1 market was $120 as defined under both GAAP and IFRS. At the end of year 2 inventory market value under both GAAP and IFRS was \$125. What value would the Firm report as inventory under GAAP and IFRS at the end of year one and year two? 7) 14% - Determine the inventory to be reported using lower of cost or market under GAAP and IFRS (Show all calculations) Normal profit margin and Selling cost are 10% of the selling price. Assume the cost of inventory was $130 and at the end of year 1 market was $120 as defined under both GAAP and IFRS. At the end of year 2 inventory market value under both GAAP and IFRS was \$125. What value would the Firm report as inventory under GAAP and IFRS at the end of year one and year two