PART A Part A is worth 20 marks. 10 Questions: 2 marks per question (1 mark for correct answer and 1 mark for justification of your choice). Please type your correct answer first and provide justification for your choice following. 1. For inventory to be recognised as an asset it must be able to be measured reliably. What is the current measurement rule used to measure inventory? a. Fair Value. b. Lower of cost and net realisable value. c. Initially at cost and thereafter at fair value. d. Present value using the cost of capital of the firm as the discount rate. Justification