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An entity has work in process inventory. Till now the cost of Rs.70, 000 has been spent on this inventory. The estimated cost to convert the WIP inventory into finished goods is Rs. 48,000. The estimated selling price of inventory if sold in its present condition is Rs.70,500 and if sold after it has been converted to finished goods is Rs.120,000. The entity must pay 2% commission to its distributors. The entity does not sell the incomplete inventory.
Required:
Problem 1: Calculate NRV and explain at which amount the inventories should appear in Financial Statements.
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