Woolf E . 1997 , p 184 . Valuation 3 . Inventories are reduced , when appropriate , to replacement cost or net realizable value . Review the company 's stock system and enquire stock records to identify slow-moving stock . Also examine stock sold after year end to ascertain that the stock held will be sold at a price higher than cost . Follow any slow stock noted during the stock take (ACCA Study Text 2000 , p 244 ) Valuation 4 . Cost of inventories is properly calculated . Enquire the...











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