Question

The word market as used in “the lower of cost or market” generally means
a. current replacement cost.
b. retail market price.
c. original cost.
d. liquidation price.

Answer 1

a market is a group of buyers and sellers of a particular product.

Answer 2

The word market as used in “the lower of cost or market” generally means  current replacement cost.

What is replacement cost?

The cost or money which is used to replace an existing product or asset with the same cost as purchased before.

What is cost?

The costing which is used to purchased the product or aquire the service.

Hence, option A is the correct answer

To know more about Lower of cost or market, click here

https://brainly.com/question/14002494

#SPJ2