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What costs should be included in the cost of an item

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Reference no: EM132508460

Question 1: What costs should be included in the cost of an item of inventory? Same question for a manufacturing business.

Question 2: 'Now that we have adopted the perpetual inventory system, we no longer need to conduct a costly and time-consuming stocktake'. Discuss

Question 3: Why is the lower of cost and net realisable value rule required by accounting standards? Is it permissible to revalue inventories upwards? If so, when? Are there any limits to revaluation?

Reference no: EM132508460

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