Learning Objective 2 Use the above video link to answer the following questions, 1. GAAP allows a company to report its inventory above cost if it is justified by a. an inability to determine appropriate costs. b. immediate marketability of the inventory at a quoted market price. c. the interchangeability of the units of inventory. d. all of these 2. The conditions for which GAAP may allow a company to report inventory above cost generally apply to a. commodities such as precious metals, com, and oil and gas. b. grocery items such as loaves of bread, frozen meals, and potato chips. c. electronics such as smart phones and laptop computers. d. none of these choices