A new small business is preparing its first tax statement and is uncertain as to how to report the closing inventory for this year and beginning inventory for the following year. Which of the following would be a correct treatment of the inventory values? Multiple Choice The closing Inventory is calculated on a LIFO basis. The closing Inventory is valued at market value and the beginning Inventory is valued at the lower of cost or market value. The closing Inventory is valued at lower of cost or market, or all items at market value, and the beginning Inventory is valued in the same manner chosen for the closing Inventory. The closing Inventory is valued at lower of cost or market and the beginning Inventory is valued at market value.