In applying the lower of cost or market method to inventory valuation, market is defined as?

The net market value is the net realizable amount of the inventory today (in terms of International Financial Reporting Standards). This is be the current selling price less any costs that would be associated with the disposal of the inventory.

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The FIFO (First-In, First-Out) and LIFO (last-in, first-out) would be applied to get the “cost” of the inventory and have nothing to do with the net realizable value.