The cost of inventory is defined by AASB 102 as including:
A) The cost of purchase and conversion.
B) Duties and taxes on purchase of goods or services for sale.
C) The cost incurred in the normal course of operations to bring the inventories to their present location and condition.
D) The deduction of relevant rebates and subsidies.
E) All of the given answers.

Question

Quizplus · Accepted Answer

AASB 102 defines the cost of inventory as including the cost of purchase and conversion, duties and taxes on purchase of goods or services for sale, the cost incurred in the normal course of operations to bring the inventories to their present location and condition, and the deduction of relevant rebates and subsidies. Therefore, all of the given answers are correct.

The Cost of Inventory Is Defined by AASB 102 as Including