Question: Nawaz Corporation sells the Product X and Y. The following information is available on December 31: Product X Y Cost per unit $4.00 $4.50 Market

Nawaz Corporation sells the Product X and Y. The following information is available on December 31:

Product X Y

Cost per unit $4.00 $4.50

Market Value $3.50 $5.00

Number of units held 300 500

As per IAS2, the value of closing inventory on December 31 will be:

 $3,550

$3,450

$3,300

$3,700

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