Explain with reason, whether you think the idea that inventory should be included in accounts at the lower of cost or net reliasable value is a useful one. Refer to at least two classes of users of financial accounting reports in your answer.

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Valuation of inventory Inventories should be valued at lower of cost and net realizable value Following are the steps for valuation of inventories A Determine the cost of inventories B Determine the n... View the full answer