When valuing raw materials inventory at lower-of-cost-or-market, what is the meaning of the term "market"?

Replacement cost, Net realizable value, or Net realizable value less a normal profit margin. Discounted present value. Net realizable value. Net realizable value less a normal profit margin.

When valuing raw materials inventory at lower-of-cost-or-market, what is the meaning of the term "market"? Replacement cost, Net realizable value, or Net realizable value less a normal profit margin. Discounted present value. Net realizable value Net realizable value less a normal profit margin