Endorian accounting has no mechanism for lower of cost or market for inventory. James Bond the 007th assistant to the king has come to you for advice. Should Endor use only net realizable value to determine write-downs of inventory (IFRS) or should they use the 3 market measures used in the US? Should they allow write-ups of previously written down inventory and should they allow a write-up above original cost? DEFEND your position.