Accs accs

what is the formula for valuation of closing inventory as per accounting standard 2
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Quick Summary
Accounting Standard 2 (AS 2) dictates how to value closing inventory. The core principle is to use the lower of either the inventory's cost or its net realisable value (NRV). This ensures that inventory is not overvalued on the balance sheet.

Cost or nrv whichever is lower
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