IAS 2 Inventories defines the extent to which overheads are included in the cost of inventories of finished goods.Which of the following statements about the IAS 2 requirements relating to overheads are true? (1) Finished goods inventories may be valued on the basis of labour and materials cost only, without including overheads.(2) Factory management costs should be included in fixed overheads allocated to inventories of finished goods.
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A (1) and (2) B (1) and (3) C (2) and (3)
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A 1 and 4 only B 2 and 3 only C 1, 3 and 4 only D 2, 3 and 4 only
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