The following transactions were recorded by the trainee Accountant:

1. Inventory was recognized at the cost even when the net realizable value was lower than the cost.

2. The Grant promised by the govt in order to reduce the impact of Covid-19 was recorded immediately on the statement of Financial position even before it became receiveable.

3. The company recorded a contingent Asset in 2019 on the SOFP as current assets. However, when the assets became receiveable it was recorded as a non-current asset.

Required :

as a senior Accountant justify the trainee's Accountant treatment of the above transactions if they are correct or not.