which of the following is true about lower-of-cost-or-market when applied to the valuation of inventory?

a. Inventory must be adjusted upward if the current market value of an ending inventory item is greater than the cost of the ending inventory item, as valued using the FIFO method.

b. Inventory must be adjusted downward if the current market value of an ending inventory item is less than the cost of the ending inventory item, as valued using the FIFO method.

c. Inventory must be adjusted downward if the current market value of an ending inventory item is greater than the cost of the ending inventory item, as valued using the FIFO method.

d. Inventory must be adjusted upward if the current market value of an ending inventory item is less than the cost of the ending inventory item, as valued using the FIFO method.

e. None of the above