Purt b IAS 2 inventories has a valuation rule for inventories, with the following information from Daisy's Petals who produces a single homogenous product calculate the value to be recognised in the financial statements if cost of manufacture was $2,900,000 Additional information: Costs of completion are expected to cost $500,000 Selling expenses are expected to cost $100.000 Required: Determine the valuation for Daisy's Petals inventory to be recognised. Consider the following scenarios which are independent from each other in determining the value of inventories. a) The sales value of the inventory is $2,700,000. (3) b) The sales value is $4,000,000. (4)