Hi, please help with this case analysis:

Siemens AG: Identifying differences and similarities between IFRS and GAAP (LO 10-11) Presented below are excerpts from the 2018 annual report of Siemens AG, a German company that operates in numerous industries, including technology, power generation, and medical diagnostics. NOTE 1 Basis of presentation InventoriesInventories are valued at the lower of acquisition or production costs and net realizable value, costs being generally determined on the basis of an average or first-in, first-out method. NOTE 11 Inventories Sep 30, (In millions of ) 2018 2017 Raw materials and supplies Work in progress Finished goods and products held for resale Advances to suppliers 3,165 6,085 3,871 763 13,885 2,955 6,165 3,972 790 13,885 Cost of sales includes inventories recognized as expense amounting to 57,029 million and 57,176 million, respectively, in fiscal 2018 and 2017. Compared to prior year, write-downs increased (decreased) by (19) million and 15 million as of September 30, 2018 and 2017. Source: Siemens AG 2018 annual report. Required: 1. Using the Siemens AG note as an example, identify the similarities and differences between U.S. GAAP and IFRS regarding inventory accounting. (7 Marks)