How should inventories be measured under IFRS, and what is the usual lower of cost and NRV rule?

• A. At the lower of cost and net realizable value; cost includes purchase and conversion costs; LIFO is not permitted under IFRS.
• B. At the lower of cost and market value; LIFO is permitted.
• C. At fair value.
• D. At cost with no NRV consideration.

Answer: (A)