Economics · Financial Accounting

Regarding Accounting Standard (AS) 2 'Valuation of Inventories', consider the following statements: Statement I: The cost of inventories should comprise all costs of purchase, costs of conversion, and other costs incurred in bringing the inventories to their present location and condition. Statement II: Selling and distribution costs, as well as general administrative overheads that do not contribute to bringing inventories to their present location, should be included in the cost of inventory. Statement III: When inventories are sold, the carrying amount of those inventories should be recognized as an expense in the period in which the related revenue is recognized. Which of the statements given above are correct?