Which of the following is not included in the cost of inventory as defined by IAS 2/AASB 102?
A) Cost of purchase.
B) Import duties.
C) GST.
D) Costs incurred in bringing the inventory to its present location and condition.

Question

Quizplus · Accepted Answer

According to IAS 2/AASB 102, the cost of inventory includes the cost of purchase, import duties, and costs incurred in bringing the inventory to its present location and condition. However, GST (or other sales taxes) is not included in the cost of inventory as it is considered a tax on the sale of goods, rather than a cost incurred to bring the goods into inventory.

Which of the Following Is Not Included in the Cost