CT Ltd is a luxury cosmetics manufacturing company. One of its product lines includes lipsticks, moisturisers and make-up kits. CT Ltd sells hundreds of different brands of these products. Each product is quite similar, purchased at similar prices and has a short lifecycle before a new similar product is introduced. The inventory system of CT Ltd is not yet fully functional and the sales manager of the cosmetic division is unsure of the cost of each product, but is confident of the selling price and has reliably informed you, the new accountant, that CT Ltd on average maintain a gross margin of 70% on each line. FAC2601/Ass01/2/2023 10 ASSESSMENT 01 (Second semester) (continued) REQUIRED: In accordance with IAS 2, Inventories, explain how the cosmetic product line of CT Ltd should be measured? (1)