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| Which TWO of the following statements about inventory are correct? (1) Carriage inwards costs are accounted for as a selling and distribution expense in the income statement. (2) The net realisable value of an item is arrived at by taking the selling price and deducting costs incurred in getting it ready, such as distribution costs. (3) The UFO (Last In First Out) method of valuation is permitted by IAS 2 Inventories as a method of inventory valuation. (4) In a period of rising prices, FIFO (First In First Out) will result in a higher value of closing inventory. A 1 and 4 B 2 and 4 C 1 and 3 D 2 and 3 |