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0% found this document useful (0 votes) 3K views 8 pages Original TitlePAS_02_Inventory Copyright© © All Rights Reserved Share this documentDid you find this document useful?0% found this document useful (0 votes) 3K views8 pages PAS 02 InventoryOriginal Title:PAS_02_Inventory Jump to Page You are on page 1of 8 You're Reading a Free Preview Reward Your CuriosityEverything you want to read. Anytime. Anywhere. Any device. No Commitment. Cancel anytime. 8.Which of the following costs of conversion cannot be included incost of inventory?a.Cost of direct labor.b.Factory rent and utilities.c.Salaries of sales staff (sales department shares the buildingwith factory).d.Factory overhead based on normal capacity. 9.Costs that are incurred in bringing the inventories to their presentlocation and condition are capitalized as cost of inventories andthese include Get answer to your question and much more We have textbook solutions for you!The document you are viewing contains questions related to this textbook. Exploring Microeconomics Sexton Expert Verified 10.When determining the unit cost of an inventory item, which of thefollowing should not be included? Get answer to your question and much more 11.From a theoretical point of view, what is the treatment for freightcost, handling and warehousing cost? Get answer to your question and much more 12.Which of the following wouldnotbe included in the cost of work inprocess inventory?a.Cost of electricity to operate factory equipmentb.Maintenance costs of factory equipmentc.Depreciation on office equipment in the sales manager's officed.Depreciation on factory equipment 13.The cost of purchase of inventory does not include
Get answer to your question and much more 14.Which statement is incorrect with respect to inventories under PAS2? Get answer to your question and much more c.The cost of inventories of a service provider consists primarilyof labor and other costs of personnel directly engaged inproviding the service, including supervising personnel andattributable overhead.d.The costs of conversion of inventories include costs directlyrelated to the units of production such as direct labor, and onlya systematic allocation of variable production overhead. Upload your study docs or become a Course Hero member to access this document Upload your study docs or become a Course Hero member to access this document End of preview. Want to read all 38 pages? Upload your study docs or become a Course Hero member to access this document What cost of conversion Cannot be included in cost of inventory?Under both IFRS and US GAAP, the costs that are excluded from inventory include abnormal costs that are incurred as a result of material waste, labor or other production conversion inputs, storage costs (unless required as part of the production process), and all administrative overhead and selling costs.
Which of the following is not included in the cost of inventory?Storage cost is not included in the cost of inventory.
Which of the following costs are included in the cost of inventories?The cost of inventory includes the cost of purchased merchandise, less discounts that are taken, plus any duties and transportation costs paid by the purchaser.
Which from the following costs are included in conversion costs?Conversion costs include direct labor and overhead expenses. Both are a metric used to determine the efficiency of production.
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Which of the following cost of conversion cannot be included in cost of inventory
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