Both U.S. GAAP and IFRS exclude which of the following from the cost of inventory?
A) Selling costs
B) General administrative costs
C) Storage costs of finished goods
D) All of these are excluded by U.S. GAAP and IFRS.

Question

Quizplus · Accepted Answer

Both U.S. GAAP and IFRS exclude all of these costs from the cost of inventory. Selling costs, general administrative costs, and storage costs of finished goods are not considered part of the cost of inventory and are expensed as incurred.

Both US GAAP and IFRS Exclude Which of the Following from from the Cost