Economics · Accounting Standards
Which of the following is NOT consistent with the principles of IAS 2 (Inventories)?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Inventory is measured at the lower of cost and net realisable value.
- 2Normal waste materials are included in the cost of inventory.
- 3Abnormal waste materials are included in the cost of inventory.✓
- 4Overheads that are directly attributable to bringing the inventory to its present location and condition are included in cost.
Correct answer
Abnormal waste materials are included in the cost of inventory.
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