Page 96 - Microsoft Word - 00 IWB ACCA F7.docx
P. 96
Chapter 8
IAS 2 Inventories
3.1 Summary of valuation
Inventories
valued at the
lower of:
Expected
Net selling price
Cost realisable less
value
expected
costs to sell
Actual Average First in-
unit cost cost first out
3.2 Definition of cost
Cost is the cost of bringing items to their present location and condition.
90
