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ABC company has given the following information about their inventory; Historical cost of Inventory 500 OMR Estimated selling price 800 OMR Estimated cost of conversion
ABC company has given the following information about their inventory; Historical cost of Inventory 500 OMR Estimated selling price 800 OMR Estimated cost of conversion 300 Estimated selling expense 20 OMR A) Discuss the adjustment required in the books of accounts as per IAS 2 B) If the Net Realizable Value (NRV) is 530 OMR during the next quarter, what adjustment should be made to the books of accounts in accordance with IAS 2
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