Which of the following values is considered the market value when valuing inventory at lower-of-cost-or-market?

Question

Quizplus · Accepted Answer

When valuing inventory at lower-of-cost-or-market, the market value is considered to be the current replacement cost. This means that the value of inventory should not exceed the amount that it would cost to replace the inventory with a comparable product at the current market prices.

Which of the Following Values Is Considered the Market Value