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I was doing some audit risk questions and encountered some problems with inventory valuations of raw material , where raw material of one company was subject to many fluctuations so the audit response was to value it on average cost and in the other question sales price – profit margin was taken to value inventory as it was a “a close approximation of cost” shouldn’t according to IAS 2 inventory be valued at lower of cost or at NRV , are these cases exceptions?
An almost identical question from Fazeel93 has just been answered. Are you and that student the same person? If so please do not post the same questions using different log-ons.