Closing inventory that cost 12,600 has been damaged. It can be repaired at a cost of f2,000 and could then be sold for f13,880. Identify the accounting concept that should be applied to the valuation of inventory: (1 mark) Question 8 State how the concept identified in question 7 is applied to the valuation of closing inventory that has been damaged. (1 mark) Question 9 Calculate the value of closing inventory