Urgent - Valuation of Invetories

Refer AS-2

i am not asking about theoretical concepts. i need to know, from a practical viewpoint, how we can verify valuation of inventories?

SEE ITS COST OR NET REALISABLE VALUE. FOR COST YOU LOOK AT PURCHASE PRICE IN CASE OF RAW MATERIALS WHICH GENERALLY DO NOT HAVE ANY REALISABLE VALUE.

WIP IS VALUED AGAIN AT COST AS THERE IS NO REALISABLE VALUE

FG IS TO BE SEEN CLOSELY. COSTING RECORDS OF THE COMPANY FOR COST, AND LATEST SALES INVOICE FOR REALISABLE VALUE

YOU MAY ASK A SPECIFIC QUES. ALSO

i agree with anand