when we value inventory is valued at NRV assuming it is below cost, then do we impair inventory? Also whenever they give inventory value in a question is this one of the main things we must consider for inventory?
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Inventory lower of cost and NRV
If I understand your question, the valuation at nrv ( below cost ) automatically takes account of the fall in value within the cost of sales calculation. So no separate "impairment" is necessary.
I really do not understand your second question!
I really do not understand your second question!
hmm sorry i could not frame my second question its allrite you've provided me the answer to my query thanks!
OK, fine
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