An item of inventory was purchased for $10. However, due to a fall in demand, its...

 

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An item of inventory was purchased for $10. However, due to a fall in demand, its selling price will be only $8. In addition, further costs will be incurred prior to sale of $1. What is the NRV? A B C D $7 $8 $10 $11 When valuing inventory, the following methods are available. FIFO AVCO LIFO 1 2 3 4 Standard cost Which methods are allowable under IAS 2 Inventories? 1,2,3 1, 2, 3, 4 1 only 1, 2 A B C D An item of inventory was purchased for $10. However, due to a fall in demand, its selling price will be only $8. In addition, further costs will be incurred prior to sale of $1. What is the NRV? A B C D $7 $8 $10 $11 When valuing inventory, the following methods are available. FIFO AVCO LIFO 1 2 3 4 Standard cost Which methods are allowable under IAS 2 Inventories? 1,2,3 1, 2, 3, 4 1 only 1, 2 A B C D

Answer rating: 100% (QA)

Q1 Answer C 10 The NRV is the original purchase price of the item minus any costs incurred prior to ... View the full answer