i. Aspen Ltd a chocolate bar manufacturer has raw material inventories on hand at the 31 December 2023. The inventories represent eight months of usage. Inventory levels normally represent only two months usage. The current replacement value of the inventories is less than the initial cost.

State how the inventories should be treated in the financial statements of Aspen Ltd

1. Briefly outline what should be involve in the valuation of inventories according to IAS 2

iii. Briefly outline four disclosures requirement for presentation of inventories in the financial statements according to IAS 2.