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1. Inventory should be stated at
2. Which of the following costs of conversion cannot be included in cost of inventory?
3. Inventories are assets
4. The cost of inventory should not include
5. Inventories, are defined as:
6. Net realisable value is defined as:
7. The difference between Net Realisable Value and Fair Value is that:
8. The cost of inventories:
9. The purchase price, transport and handling costs. Taxes and import duties are all examples of:
10. Variable Production overheads are:
11. How would unallocated overheads be recognised?
12. As opposed to fixed production overheads, variable production overheads are:
13. The definition of “inventories” given by international standard IAS2 states that items qualify as inventories only if they are assets held for sale in the ordinary course of business or assets in the process of production for such sale. True or False?
14. Which of the following items cannot be included in the cost of inventories?
15. Which of the following items should be included in the cost of inventories?