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    Question

    As per AS 2, inventories should be valued

    at:
    A Historical Cost. Correct Answer Incorrect Answer
    B Net Realizable Value. Correct Answer Incorrect Answer
    C Lower of Cost or Net Realizable Value. Correct Answer Incorrect Answer
    D Replacement Cost. Correct Answer Incorrect Answer
    E Standard Cost. Correct Answer Incorrect Answer

    Solution

    This is based on the principle of Prudence/Conservatism, ensuring inventory is not overstated.

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