IAS 2

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?