(a) Explain the term inventories as defined by international standard IAS2. (b) List the costs which should...

Question:

(a) Explain the term "inventories" as defined by international standard IAS2.
(b) List the costs which should be included when measuring the cost of inventories and identify any costs which should be excluded.
(c) Explain the term "net realisable value" in relation to inventories.