Select the ONE best answer for each multiple choice question below (questions 1.1 - 1.20) Which of the following statements regarding the application of the lower-of-cost-and- net-realisable-value rule is not true? The lower-of-cost-and-net-realisable-value rule is an exception to the historical cost principle. When the lower-of-cost-and-net-realisable-value rule is used, inventories are valued at their selling price. The rule follows the conservatism principle. An increase in some inventory assets cannot be used to offset a decrease in other inventory values under the rule