Gross Replacement Cost definition
Gross Replacement Cost or “GRC” means the cost of replacing an existing tangible fixed asset with an identical or substantially similar new asset having a similar production or service capacity;
Gross Replacement Cost means the manufacturer's published price to the wholesaler or the wholesaler's price to the retailer for the same merchandise as the merchandise whose cost is in question, before any deduction for allowances, whether manufacturer promotional allowances or otherwise, or for discounts of any kind.