Which of the following statements is INCORRECT regarding the objectives underlying inventory standards? O a. Report an inventory cost on the statement of financial position that is representative of the inventory's recent cost. O b. Choose an approach that corresponds as closely as possible to the physical flow of goods. Use the same method for all inventory assets that have similar economic characteristics. Od. ASPE allows companies to choose from FIFO, LIFO, weighted average, and specific identification cost formula if the company can provide justification for its choice. OC