As per AS- 2 what should be the valuation of inventory from the following information:
Purchase Price = 2000
Trade Discount = 200
Cash Discount = 100
Delivery Cost = 500
Import Cost = 600
Valuation of Inventory using AS-2 considers cost of inventory as cost of purchase, cost of conversion and other cost incurred to bring inventory to its present condition. It ignore Cash discount. So, Valuation of Inventory = Purchase Price + Delivery Cost + Import Cost – Trade Discount = 2000+500+600-200 = 2900
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