Saimon Company reported the flowing purchases and sales of ts only product Salmone uses a perpens inventory system Determine the cost assigned to ending inventory using LIFO w1 the rest Cost 310 units 516 300 units 30 16 20 Bezinning entry harchase Sales Purchase Ses 230 to $20 170527 Mhe 56400 529 0 7040 In applying the lower of cost or market method to LIFO inventory valuation, market is defined as: Multiple Choice Historical cost Current replacement cost. O Current sales price FIFO LIFO