Which of the following are true? (check all that apply)

1) Companies that have a policy of selling their oldest product first cannot use the LIFO

2) LIFO Cost of Goods Sold is always greater than FIFO Cost of Goods Sold

3) Companies must write down their inventory if replacement cost is below the current balance in Inventory

4) Companies that use FIFO must disclose the value of their inventory under LIFO

5) Both US GAAP and IFRS allow companies to choose between LIFO and FIFO for inventory accounting