D | Question 34 2 pts Under U.S. GAAP, applying the lower-of-cost-or-market rule for inventory requires companies to report: The inventory at the higher amount of cost or market on the balance sheet The difference between the cost basis and the market value of inventory as a gain on the income statement e Inventory at market value if the market value of inventory is higher than its cost hasis Inventory at market value if the market value of inventory is lower than its cost basis