Which of the following statements is TRUE regarding the Lower$-$of$-$cost$-$orMarket inventory method?

It is done because it follows the conservatism constraint.

It is done because it follows the matching principle.

The purpose of the ceiling and floor restrictions are to prevent either overstating or understating inventory.

It can be done using either an item by item approach, category approach or total inventory approach.

All of the above are true