er IAS 2, which of the following statements are not correct? 1. The costs of goods produced by a manufacturing company will only include materials and labour 2. Inventory should be valued at the lower of cost and net realisable value 3. FIFO is not an accepted method to value inventory 4. LIFO is an accepted method of valuing inventory

2 and 4

All of the above

1, 3 and 4

1 and 4