A. Based on the fundamental principle of IAS2, identify two (2) circumstances where the NRV of inventory might be lower than its cost? ( 2mks) B. Massy Distribution Center (MDC) had 500 boxes of IGA Cornflakes at 30 September 2022 in inventory. The product had been purchased at list price of $18 per box and normally sells for $24 per box. Additional information relating to the units in inventory: VAT - 10%; wharehousing cost - $0.5% per unit; purchase discount - $0.40 per unit; carriage inwards - $0.60 per unit. Recently , due to poor handling and storage, several boxes appeared less than presentable however the contents were not compromized and MDC can still sell this item at $24 per unit, provided that some rectification/re-packaging work is undertaken at a cost of $3 per unit. Required: At what amount would this IGA Cornflakes be required to be stated on 30 September 2022 ? Provide detailed analysis to support your answer. (6 marks)