What Is Meant by "Market" in Lower-Of-Cost-Or-Market Calculations

question 119

Multiple Choice

What is meant by "market" in lower-of-cost-or-market calculations?

• A)The amount of gross margin earned by selling merchandise.
• B)The amount the goods were sold for during the period.
• C)The amount that would have to be paid to replace the merchandise.
• D)The amount originally paid for the merchandise.

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Definitions:

Vertical Line

A straight line that runs up and down, perpendicular to a horizontal line.

Blinking

A rapid opening and closing of the eyelids or a flickering of light, or to describe text or an object that appears and disappears on a computer screen to attract attention.

Heavy Border

A thick line used around the edges of an element in a document or screen to emphasize its boundary or to make it stand out.

Networking

The act of interacting with others to exchange information and develop professional or social contacts.