Which of the following costs should be included in valuing inventories of finished goods held by a manufacturing company, according to IAS 2 “Inventories”? (1) Carriage inwards.(2) Carriage outwards.(3) Depreciation of factory plant.(4) Accounts department costs relating to wages for production employees.
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A 1 and 3 only B 1, 2 and 4 only C 2 and 3 only D 2, 3 and 4 only
7 .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.
A 1 only B 2 only C Both 1 and 2 D Neither 1 nor 2
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