Question Details

The cost flow assumption adopted must be consistent with the physical movement 



TRUE OR FALSE:
1.	Under IFRS, agricultural inventories, such as wheat, oranges, etc., are recorded at their fair value less estimated selling costs at the point of harvest.

	2.	The International Accounting Standards Board (IASB) requires the specific identification method of inventory costing where individual items of inventory can be identified and costed.

	3.	The International Accounting Standards Board requires the specific identification method when unit price is low, inventory turnover is high, and inventory quantities are large.

	4.	The cost flow assumption adopted must be consistent with the physical movement of the goods.

	5.	In all cases when FIFO is used, the cost of goods sold would be the same whether a perpetual or periodic system is used. 



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