11. Which of the following statements is correct regarding International Financing Reporting Standards (IFRS) and U.S. GAAP with regard to inventory? (2 Points) When applying lower-of-cost-or-market. U.S. GAPP defines market as net realizable value. IFRS permits valuing inventories at fair value similar to the accounting for property, plant, and equipment Under U.S. GAPP. if inventory is written down under lower-of-cost-or-market, it may not be written back up to its original cost in a subsequent period LIFO (last-in, first-out) is permitted under IFRS but not under U.S. GAAP