Question Details

All inventories are reported as current assets on the statement 


True or false 
1.	All inventories are reported as current assets on the statement of financial position.

	2.	One reason a company using a perpetual inventory system must make a physical count of goods is to determine the amount of inventory on hand as of the statement of financial position date.

	3.	IFRS allows companies to cost inventory using either the LIFO or the FIFO cost flow assumption.

	4	The average cost method costs units using a weighted-average unit cost.

	5.	The specific identification method of costing inventories tracks the actual physical flow of the goods available for sale.




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