Parrison Ltd is a manufacturing company. The company's inventory at 30 June 2020 includes the following items of work in progress:

The company complies with IAS2 Inventories.
(a) Define the term "inventories".

(b) Explain how the cost of inventories should be determined.

(c) Define the term "net realisable value".

(d) Explain how inventories should be measured in accordance with IAS2.

(e) Calculate the figure at which the work in progress of Parrison Ltd should be shown in the company's financial statements for the year to 30 June 2020.

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Number of units held at 30 June 2020 Costs incurred per unit to date Estimated further costs per unit to completion Estimated selling costs per unit Estimated selling price per unit Product X 6,400 £8 £7 £2 £15 Product Y 3,800 £12 £8 £4 £30