valuation of breakage & expired goods.
This query is : Resolved
10 April 2009
Sir,
Pls expalin me how we calculate the value of breakage & expiry goods is it LIFO or FIFO.
Pls expalin me how we calculate the value of breakage & expiry goods is it LIFO or FIFO.
CA. B.SRINIVASULU
(Expert)
10 April 2009
When you are calculating the breakage or expiry the lifo or fifo system will not be followed. You have physically verify the stock and compare whether the item is expired or breakages are there. If the item is expires then the value is nil and if the item are broken or breakages are there salavage value has to be considered.
10 April 2009
i agree with the expert
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