In those cases where the inventory is reported under the LIFO method but it has experienced a permanent reduction in its value and the company uses the lower of cost or market rule, what is the maximum quantity? (ceiling or upper limit) that can be used to value inventory?

Select one:

a. Net realizable value less normal profit margin.

b. The historical cost.

c. Net realizable value.

d. The sale price less "net markups".