Which of the following statements about the valuation of inventory is correct, according to IAS2 Inventories?

A Inventory items are normally to be valued at the higher of cost and net realisable value

B The cost of goods manufactured by an enterprise will include materials and labour only. Overhead costs cannot

be included

C LIFO is an accepted valuation method for inventory. FIFO is not an accepted valuation method for inventory

D Selling price less estimated profit margin may be used to arrive at cost if this gives a reasonable approximation

to actual cost