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Myson, a limited liability company, manufactures washing machines. The company operates a system of total overhead absorption. Which of the following cost and overheads categories will need to be eliminated from the valuation of inventory to conform with IAS 2 Inventories? 1. Import duties on production parts. 2. Depreciation of tooling equipment. 3. Accounts department costs incurred in paying direct and indirect production wages and salaries. 4. Management costs allocated to the marketing function. A. Categories 3 and 4 only. B. Categories 1, 3 and 4 only. C. Category 4 only. D. Categories 1 and 2 only. |