After applying FIFO, Entity C applies lower-of-cost-or-net-realizable-value (LCNRV) to its ending inventory. Which of the following statements about LCNRV is correct? It generally occurs when the value of the inventory has increased. It is required when the value of the inventory is lower than its cost. It is completely optional after reporting the cost of the inventory using FIFO. It is a way to increase net income in the absence of sales