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PAS 02 Inventory
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PAS 02 Inventory
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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
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10.When determining the unit cost of an inventory item, which of thefollowing should not be included?
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11.From a theoretical point of view, what is the treatment for freightcost, handling and warehousing cost?
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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
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14.Which statement is incorrect with respect to inventories under PAS2?
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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.
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