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Question 2 (a) Explain inventories in accordance to MFRS 102, Inventories. (3 marks) (b) MERS 102, Inventories states that 'Inventories should be measured at the

Question 2 (a) Explain inventories in accordance to MFRS 102, Inventories. (3 marks) (b) MERS 102, Inventories states that 'Inventories should be measured at the lower of cost and net realisable value. Explain three (3) situations in which net realizable value is likely to be less than cost. (12 marks)

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