Which of the following is TRUE concerning the lower-of-cost-or-market when applied to the valuation of inventory? o 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 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 o 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 o 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. O none of the above Slow Trucking owned a truck which cost $30,000 when it was purchased on January 1, 2018. Slow estimated the truck would have a residual value of $3,000 and last a total of three years. Slow uses straight-line depreciation. Slow sold the truck for $22,500 cash on January 1, 2020. The amount of gain (loss) on the sale of the truck was O $10,500 gain O $7,500 loss O $19,500 gain O $1,500 loss O none of the above