Which TWO of the following statements about inventory valuation under IAS 2 Inventories are true? (1) The cost of inventories comprise all costs of purchase, conversion costs and other costs incurred in bringing the inventories to their present condition and location. (2) The cost of inventories may be valued using a last in, first out (LIFO) or weighted average cost formula (3) The cost of inventories may be valued using a first in, first out (FIFO) or weighted average cost formula (4) The cost of inventories comprise all costs of purchase, conversion costs and costs that will have to be incurred in order to bring the inventories into a saleable condition 3 and 4 2 and 4 1 and 2 1 and 3