Tumit & Co. has been selling shoes for 10 years. During the year the demand for their shoes fluctuated depending on the fashion trends in the market. The following are their three products currently in the market at the end of the year.

Product	Kasut	Selipar	Sandal
Carrying value	RM 20,000	RM 18,000	RM 17,000
Units	700	1500	1000
Estimated selling price	RM 35	RM 12	RM 20
Units damaged	50	200	170
Cost to repair	RM 7	RM 2	RM 4
Commission to Kaki& Co.	RM 2	RM 1	RM 1

Tumit had appointed Kaki Co. to sell their products with a certain commission rate. Prior to that, Tumit had ensure all damaged goods were repaired before sending to Kaki Co.

Required:

(a) Briefly explain how Tumit & Co. able to measure their inventories.

(b) Determine the net realisable value of Kasut, Selipar and Sandal.

(c) Determine the cost of inventory at the end of the financial year.

(d) Identify the relevant standard to the above scenario and justify your answer.