The lower of cost or market is a method of inventory valuation. True False Dec. 27 5old merchandive en accourt for $3,750, terms rits. The cost of the merchaxd ve sole was $2,000. Ian. 5. Issued credit memo for 11,050 for merchandse refurned from sale on December 27. The cost of the merchandise returred was \$610, 6 Recelved check for the amount due for sale on December 27 less return on aanuary 5