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Other costs, such as transportation and even storage of the inventory, are also considered to be inventoriable. For a manufacturing operation, determining the cost of inventory on hand will begin with the actual unit cost of every item that is maintained within an inventory.
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].