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Which of the following statements about the valuation of inventory are correct, according to IAS2 Inventories? A. The cost of goods manufactured by an entity will include materials and labour only. Overhead costs cannot be included. B. LIFO (last in, first out) cannot be used to value inventory. C. Selling price less estimated profit margin may be used to arrive at cost if this gives a reasonable approximation to actual cost. D. Inventory items are normally to be valued at the higher of cost and net realisable value. |