IAS 2 Inventories does not permit the use of the last in.

CIMA BA3 Question Answer

IAS 2 Inventories does not permit the use of the last in. first out (LIFO) method of valuing inventory In a time of rising prices, which of the following is a reason for this?

Purchases are overstated

Closing inventory is understated.

Cost of sales are understated

Gross profit is overstated

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CIMA BA3 Summary

Vendor: CIMA
Product: BA3
Update on: Jul 29, 2025
Questions: 393

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Refer to the Exhibit.

The financial statements are produced in accordance with relevant accounting standards.

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IAS 2 Inventories does not permit the use of the last in.

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