question 9\n3.2 pts\nin applying the lower of cost or market method to lifo inventory costing, market is…

question 9\n3.2 pts\nin applying the lower of cost or market method to lifo inventory costing, market is defined as:\nlifo.\nfifo.\nreplacement cost.\nhistorical cost.\ncurrent sales price.

question 9\n3.2 pts\nin applying the lower of cost or market method to lifo inventory costing, market is defined as:\nlifo.\nfifo.\nreplacement cost.\nhistorical cost.\ncurrent 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 inventory costing method, historical cost is the original cost of inventory, and current sales price is not the definition of market in LCM for LIFO.

Answer:

C. Replacement cost