ICANFinancial Accounting

Closing inventory is valued at:

Acost only

BNRV only

Clower of cost and NRV (IAS 2)CORRECT

Dhigher of cost and NRV

AI

Toaster Teacher

Why the answer is C, and why the others tempt you.

IAS 2 requires lower of cost and NRV — applies prudence.

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