According to IAS 2 Inventories; Inventory should be stated at:

a. Lower of cost and fair value.

b. Lower of cost and net realizable value.

c. Lower of cost and nominal value.

d. Lower of cost and net selling price.

e. Choices b and d.

f. Choices a and c.

g. Choices a, b, and d.

Question added by Fathi Matbaq , Senior Purchasing Officer , Alghanim Industries
Date Posted: 2016/03/24

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by Frank Mwansa , ACCOUNTING LECTURER , FREELANCER

B. Lower of cost and net realizable value

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