For companies using LIFO, inventory is valued at:
A) Net realizable value.
B) Cost.
C) Replacement cost.
D) Lower of cost or market.

Question

Quizplus · Accepted Answer

For companies using LIFO, inventory is valued at the lower of cost or market, where market is defined as the current replacement cost, but not more than the net realizable value or less than net realizable value minus a normal profit margin.

For Companies Using LIFO, Inventory Is Valued At