Question Details

IFRS requires manufacturers to disclose their inventory components 



TRUE OR FALSE:
1.	A manufacturing concern would report the cost of units only partially processed as inventory in the statement of financial position.

	2.	Both merchandising and manufacturing companies normally have multiple inventory accounts.

	3.	 IFRS requires manufacturers to disclose their inventory components on the statement of financial position or in related notes.

	4.	Goods in transit, shipped FOB shipping point, are included in the buyer- statement of financial position at the time of delivery to the common carrier.

	5.	Tang, Inc. sells collectible jewelry on consignment from various manufacturers and should include this consigned inventory on its statement of financial position.




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