How Should a Not-For-Profit Organization Value Inventories Which Are Held

question 32

Multiple Choice

How should a not-for-profit organization value inventories which are held for distribution at no charge or for a nominal charge or for consumption in the production process of goods which will be distributed at no charge or for a nominal charge?

• A) At cost.
• B) At fair value.
• C) At the lower of cost and net realizable value.
• D) At the lower of cost and current replacement cost.

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Definitions:

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