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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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