The lower of cost or market approach is for companies that use . Multiple choice question. optional under GAAP; LIFO or the retail inventory optional under GAAP; any method of inventory valuation required under GAAP; LIFO or the retail inventory required under GAAP; any method of inventory valuation

Gamegirl inc., has the following transactions during august. august 6 sold 76 handheld game devices for $230 each to ds unlimited on account, terms 2/10, net 60. the cost of the 76 game devices sold, was $210 each. august 10 ds unlimited returned six game devices purchased on 6th august since they were defective. august 14 received full amount due from ds unlimited. required: prepare the transactions for gamegirl, inc., assuming the company uses a perpetual inventory syste