Under IFRS, for purposes of applying the lower-of-cost-or-market (LCM) to inventory balances, "market value" is referring to:
a. the current replacement cost of the inventory.
b. the net realizable value of the inventory.
c. the estimated selling price of the inventory.
Answer: b. the net realizable value of the inventory.
If the answers is incorrect or not given, you can answer the above question in the comment box. If the answers is incorrect or not given, you can answer the above question in the comment box.