According to the accounting standards, the cost of inventories should include all costs incurred in getting the inventory to the point where it can be sold as intended.

Question

Quizplus · Accepted Answer

This is consistent with the definition of the cost of inventory in the International Accounting Standards (IAS 2), which includes all costs of purchase, conversion, and other costs incurred in bringing the inventories to their present location and condition.

According to the Accounting Standards, the Cost of Inventories Should