Which of the following is a similarity between GAAP and IFRS concerning accounting for

inventories? O Both standards allow the use of both lower $-$ of $-$ cost $-$ or net realizable value and

lower $-$ of $-$ cost $-$ or $-$ market. O Both standards allow for reversals of inventory write $-$ downs. $O$

Inventory acquisitions are accounted for at historical cost. O All of these are similarities similarity

between GAAP and IFRS concerning accounting for inventories.