in applying the lower of cost or market method to lifo inventory costing, market is defined as multiple…

in applying the lower of cost or market method to lifo inventory costing, market is defined as multiple choice lifo. fifo. historical cost. replacement cost. current sales price.

in applying the lower of cost or market method to lifo inventory costing, market is defined as multiple choice lifo. fifo. historical cost. replacement cost. current sales price.

Answer

Brief Explanations:

In the lower - of - cost or market (LCM) method for LIFO inventory costing, market is defined as replacement cost, subject to certain upper and lower limits. LIFO is an inventory costing method, FIFO is another, historical cost is the original cost of acquisition, and current sales price is not the definition of market in LCM for LIFO.

Answer:

Replacement cost