Under International Financial Reporting Standards (IFRS), inventory is valued at the lower of cost and:
A.	Replacement cost.
B.	Net realizable value.
C.	Net realizable value reduced by a normal profit margin.
D.	None of these answer choices are correct.
Answer:B
Under International Financial Reporting Standards (IFRS), inventory is valued at the lower of cost and:
A.	Replacement cost. B.	Net realizable value. C.	Net realizable value reduced by a normal profit margin. D.	None of these answer choices are correct.