Antique Ltd sells vintage cars. Due to the rarity of vintage cars, no two cars are the same, and the cars are not interchangeble. (i.e. when a customer purchases a specific car, Antique Ltd cannot deliver a different car to the customer.) Antique can elect to use the FIFO formula to account for its inventory. True False Inventory include al assets, both tangible and intangible, that are held for sale in the ordinary course of business, are in the process of production for such sale and are consumed during the production of saleable goods or services. True False Which of the following should be included in the cost of inventory? A. Cost of purchase. B. Value Added Tax. C. Cost incurred to bring inventory to its location and condition necessary for sale. D. A and B above. E. A and C above. Net realisable value is the same as fair value less cost to sell. True False