Should inventories be reported at their cost or at their selling prices?

it depend upon the report but as per IAS the value which is less has to be used

Yhat depends on the purpose of the report. for example, in balance sheets inventories are reported using thier cost while in some stock evaluation reports used to atratct investors for example, inventories are reported using thier sals price.

Usually it is recoded on cost price, but if you have processed in few step then process should be add on their cost

Inventories are usually recorded in system as per cost value hence it is reflected as cost in financial statement unless the inventories are modified later for getting a finished goods. 

At cost or selling price; whichever is lower

Inventory are usually recorded at their cost price, in all my audit experience, but as per IAS2 they could also be recorded on Net realisbale Value - NRV

Its depend upon on report is it cost / retail based usaullu inventory shown on assets side on Historical cost prniciple

According to IAS2 inventories are recorded at lower of cost or NRV.....if cost are high thn NRV thn inventories or recrded at NRV.

for.expl..a machine cost .$12

(NRV)NET Reliseable Value.$10

inventories r reported at lower mean at nrv..

Accrual concept ..asseta and income or not overstated ..so inventory is non current asset ..