if the cost of an item of inventory is $49 and the current replacement cost is $68, the amount included in inventory accoirding to the lower of thr cost or market is

Ending inventory is made up of the oldest purchases when a company uses a. retail method b. last-in, first-out C. average cost d. first-in, first-out If the cost of an item of inventory is $49 and the current replacement cost is $68, the amount included in inventory according to the lower of cost or market is a. $19 b. $19 c. $117 d. 568