please answer, will rate thumbs up. thanks!

#1. Which of the below statements is true about NRV?

A. Companies must consider the RV of raw materials and work in progress in their existing state

B. The lower of cost or market and RV test is required to be calculated annually

C. The lower of cost and RV test must always be applied on an item-by-item basis

D. When the circumstances that previously caused inventories to be written down below cost no longer exist the amount of the write-down is reversed

#2. What do the costs of inventories comprise of?

A. Abnormal costs of wasted materials, labour or other production costs

B. Other costs incurred in bringing the inventories to their present location and condition

C. Allocated overheads (including administrative overheads)

D. Costs of purchase

E. Costs of conversion

Option 1: B, D and E

Option 2: B, C, D and E

Option 3: D and E

Option 4: A, D and E

#3. While the lower of cost or RV test should generally be applied on an item-by-item basis, it may be appropriate to group items in which of the below situations?

A. Items relate to the same product line and have similar purposes or end uses

B. Items are produced and marketed in the same geographical area and cannot be practicably evaluated separately from other items in that product line

C. Items relate to the same product line though they have distinctly different end uses

Option 1: None of these options

Option 2: B and C

Option 3: All of these options

Option 4: A and B

#4. Which of the following assets should be reported as inventory? Choose the correct answer.

I. Metal stockpiles awaiting production by a car manufacturer

II. Furniture acquired for resale by an antique store

III. Chocolate used in the baking process to produce cookies

IV. Machinery acquired by a manufacturing entity for use in the production process

A. I, Il and III

B. I, Ill and IV

C. II, Ill and IV

D. I and Il

#5. Which of the following assets represent inventory?

I. Assets held for sale in the ordinary course of business

II. Assets in the form of materials or supplies to be consumed in the production process or in the rendering of services

Ill. Assets in the process of production for sale

IV. Assets held for use in the production or supply of goods or services

A. I and II

B. I, II, Ill and IV

C. I, II and III

D. Il and III

#6. An office supply manufacturer normally sells desk chairs for Currency Unit (CU) 60. It costs the company CU 40 to produce plus CU 5 in selling costs to make the sale. At which amount would the company measure these inventories?

A. CU 35 B. CU 60 C. CU 40

D. CU 55