Which of the following statements regarding a valuation loss determined through the application of the lower-of-cost-or-net realizable value rule is true?

Select one:

a. A significant valuation loss considered unusual or infrequent would be reported either as cost of goods sold or as part of other expenses and losses

b. A valuation loss may not be recorded when cost exceeds net realizable value under certain cases such as when there is an effective government-controlled market.

c. On the balance sheet, the valuation loss is reflected either as a reduction to inventory directly or in a contra asset account.

d. A and C

e. B and C

f. A and B