haniaLeesell haniaLeesell
  • 14-03-2017
  • Business
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When applying the lower of cost or market rule to inventory valuation, market generally means?

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metchelle
metchelle metchelle
  • 24-03-2017
The term that is being referred here is the REPLACEMENT COST. What the market generally means when lower of cost or market rule is being applied to inventory valuation, this refers to replacement cost. This is the cost applied to an item when it is being replaced. The cost is being applied is the same as its pre-loss condition. 
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