1. Which of the following valuation bases is used to value Ending Inventory on the Balance Sheet? a. Net realizable value. b. Historical Cost. c. Market value. d. Lower-of-cost-or-market. e. Replacement cost.

In determining the market value of ending inventory, which of the following is NOT considered as a possible market value?

Replacement cost of the inventory.

Ceiling price, calculated as the Selling price less costs to complete or selling costs.

Net realizable value

Floor price, calculated as the Ceiling price less the profit margin.

Selling price without any adjustments.