When is the lower$-$of$-$cost$-$or$-$market $($LCM$)$ method applied instead of lower$-$of$-$cost$-$or$-$net realizable value $($LCNRV$)?$

LCM is used when the company accounts for its inventory using FIFO.

LCU is used when the company accounts for its inventory using the weighted$-$average method.

LCM is used when the company uses specific identification to track inventory costs.

LCM is used when the company uses LIFO inventory costing.