Question

The word market as used in​ the lower of cost or​ market generally means

Answer 1

The word market as used in "the lower of cost or market" generally means. Current replacement cost. The sums of ending inventory and cost of goods sold is. Cost of goods available (or cost of goods available for sale)

Answer 2

The word market as used in the lower of cost or market generally means Original cost.

The rule in the lower of cost has it that a firm must have to keep a record of its inventory cost at the lowest price. Lowest cost here also means original cost

This becomes necessary due to low or obsolete inventory or when market prices have fallen.

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