3: 15 marks] Determine which statement true or false for the following statement. # Statements 1 storage costs should NOT be included when measuring the value of inventories 2 3 Amount of inventories recognised as an expense does NOT need to be disclosed in the financial statements The Fourth step in the process for revenue recognition is to recognize revenue when each performance obligation is satisfied 4 Noncash consideration should be recognized based on fair value of what is received 5 According to IAS (2) & In accordance with IAS 41 Agriculture inventories comprising agricultural produce that an entity has harvested from its biological assets are measured on initial recognition at cost less costs to sell at the point of harvest