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      Question

      Inventory valuation under Ind AS normally uses which of

      the following basis?
      A Lower of cost and net realisable value (NRV) Correct Answer Incorrect Answer
      B Historical cost only regardless of NRV Correct Answer Incorrect Answer
      C Higher of cost and NRV Correct Answer Incorrect Answer
      D Fair value less costs to sell always Correct Answer Incorrect Answer
      E Replacement cost only Correct Answer Incorrect Answer

      Solution

      Ind AS 2 requires inventory measured at lower of cost and NRV.

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