How would you synthesize the inventory definitions under GAAP and IFRS?

• A. GAAP defines inventory as finished goods only, while IFRS includes raw materials.
• B. Both define inventory similarly, focusing on goods available for sale.
• C. IFRS defines inventory as goods in transit, while GAAP includes work-in-progress.
• D. GAAP includes only purchased goods, while IFRS includes manufactured goods.

Answer: (B)