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In like manner, a finished goods inventory will also have an inventoriable cost. This will include not only all the costs related to the raw materials, but also the direct labor and any fixed or variable overhead that is incurred while producing those finished goods. If those goods are stored at a rented facility, even the cost of the rental will be accounted for as an inventoriable cost.
The standard cost and retail methods may be used for the measurement of cost, provided that the results approximate actual cost. [IAS 2.21-22]. For inventory items that are not interchangeable, specific costs are attributed to the specific individual items of inventory.[IAS 2.23]. For items that are interchangeable, IAS 2 allows the FIFO or weighted average cost formulas.he same cost formula should be used for all inventories with similar characteristics as to their nature and use to the entity. For groups of inventories that have different characteristics, different cost formulas may be justified. [IAS 2.25].