The LIFO reserve is:

a. the difference between the value of the inventory under LIFO and the value under FIFO.

b. The inventory held on consignment by Rogers should be included in Railway's inventory balance at cost \((\$ 35,000)\). The purchased goods of \(\$ 13,000\) should not be included in inventory until

b. an amount used to adjust inventory to the lower-of-cost-ornet realizable value.

c. the difference between the value of the inventory under LIFO and the value under average-cost.

d. an amount used to adjust inventory to historical cost.