Question

when valuing raw materials inventory at lower-of-cost-or-market, what is the meaning of the term market

Answer 1

when valuing raw materials inventory at lower-of-cost-or-market, what is the meaning of the term market Replacement cost, Net realizable value, or Net realizable value less a normal profit margin.

What is Replacement cost?

• The cost to replace a critical asset, such as a piece of real estate, an investment security, a lien, or another object, with one of equal or greater worth is referred to as replacement cost.
• A replacement cost, which is often referred to as "replacement value," can change depending on a variety of variables, including the cost of preparing assets for use and the market worth of the parts needed to rebuild or repurchase the asset.
• Replacement costs are frequently used by insurance companies to calculate the value of an insured item. Accountants, who use depreciation to expense the cost of an asset over its useful life, also regularly employ replacement costs.

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