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11) When should the application of the LC&NRV concept be used with ending inventory? Explain exactly how the concept works? How will the statement of

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11) When should the application of the LC\&NRV concept be used with ending inventory? Explain exactly how the concept works? How will the statement of financial position and the statement of earnings be impacted if the net realizable value of inventory is lower than cost? (4 marks)

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