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question B) only This final assignment assessment consists of SIX (6) questions. Please answer all questions. QUESTION 1 Tik Tok Shop uses the lower of

question B) only
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This final assignment assessment consists of SIX (6) questions. Please answer all questions. QUESTION 1 Tik Tok Shop uses the lower of cost and net realisable value (NRV) basis for its inventory. The follow data are available at year end. Required: (a) Determine the amount to be reported for each type of inventory and the total inventory value. (4 marks) (b) State the underlying accounting concept for this practice and support your answer with explanation

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