Q 16 Following IFRS, which of the following statements is not correct? Select one: a. Firms determine the lower-of-cost-or-market value of inventory using individual-items or groups of items. O b. IFRS inventory write-downs can be reversed later if the net realizable value of inventory O c. The net realizable value of inventory is calculated as the estimated selling price plus the O d. IFRS-reporting firms determine if a write-down for inventory is needed by comparing the increases. estimated costs of completion and sale. historical cost and the net realizable value of inventory. e. None of the above