Which of These Is Not Included in the Cost of Inventory

question 48

Multiple Choice

Which of these is not included in the cost of inventory as defined by IAS 2/AASB 102?

• A) Cost of purchase.
• B) Costs incurred in bringing the inventory to its present location and condition.
• C) GST.
• D) Import duties.

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Definitions:

Economic Development

The process by which the economic well-being and quality of life of a nation, region, or local community are improved according to targeted goals and objectives.

South Carolina

A state in the southeastern region of the United States, known for its historical significance, including its role in the American Civil War.

New England

A region located in the northeastern corner of the United States comprising six states: Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont, known for its colonial history, distinct seasons, and cultural heritage.

Triangular Trade

A historical trade system in the 16th through 19th centuries involving the transatlantic slave trade among Europe, Africa, and the Americas.