++ me Left:1:19:31 Qian Chen: Attempt 1 Question 3 (7 points) Which of the following statements related to inventory is FALSE? When a company has a basket purchase of different types of inventory the cost of the basket is allocated to the different types of inventory using relative sales values If a company has a noncancelable purchase commitment to acquire inventory at a fixed price and the market value of that inventory decreases, the company records a loss When a company apply the lower-of-cost-or-net-realizable-value rule for inventory, they can apply the rule to individual items, categories of items, or total Inventory If a company has a noncancelable purchase commitment to acquire inventory at a fixed price and the market value of that inventory increases, the company records a gain. $+ 2018 F4 F5 F6 F7 F8 F10 F18