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according to IAS 2, inventory should be valued at the lower of cost and net realizable value.
Can Inventory be valued by REPLACEMENT COST OR MARKET VALUE?
Yes, there are occasional situations where market value ( and therefore replacement cost can be used ) In the question Cuckoo, the parent company values their gold bullion ( bars of gold ) at market value and apparently it’s acceptable for such items as commodities to be so valued. I admit, it came as a shock to me – I had never previously come across this
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