As per AS-2 valuation of inventories, inventories are assets
1. held for sale in the ordinary course of business.
2. held for sale in the special course of business.
3. in the process of production for such sale.
4. in the form of materials or supplies to be consumed in the production processor or in the rendering of services.
5. in the process of services for such sale.
Select the correct answer:

A. 1, 2, 3 and 4

B. 1, 4 and 5

C. 1, 3 and 4

D. 2, 4 and 5

Answer: Option C