Market in lower-of-cost-or-market calculations

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Reference no: EM13776871

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

The amount of gross margin earned by selling merchandise.

The amount the goods were sold for during the period.

The amount that would have to be paid to replace the merchandise.

The amount originally paid for the merchandise.

Reference no: EM13776871

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