Answer: cost and net realizable value.

Under US GAAP, for fiscal years beginning after December 15, 2016, inventories measured using methods other than LIFO and retail inventory methods are required to be measured at the lower of cost or net realizable value. This change aligns with the updated standards, ensuring consistency in inventory valuation. Option A is incorrect as it references the outdated 'lower of cost or market' rule. Option C is also incorrect as it misapplies the measurement restrictions applicable to LIFO and retail inventory methods, where market value is defined as current replacement cost with specific limits.

Author: LeetQuiz Editorial Team