Which of the following statements about the Lower$-$of$-$cost$-$or$-$Market is FALSE?

An item can never be recorded at less than the Net Realizable Value of the item.

Market Value is the same as "Replacement Cost"

If the designated market amount is greater than the cost of the item, the item is recorded at cost$.$

Designated Market Valug is the middle number between replacement cost, ceiling ane floor.

All of the above are false.