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Closing stock of by-product

Cost Accounts 578 views 4 replies
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Chartered Accountant
7550 Points Posted on 14 April 2021

How will we value closing stock of by product? when we are valuing closing stock of finished goods @ cost

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On 14 April 2021 at 19:14 Report
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Chartered Accountant
24588 Points Posted on 14 April 2021
The valuation of closing stock of by products shall be calculated after deducting the joint cost expenses.
And it should be valued at cost or nrv whichever is lower.
129 Reply
On 14 April 2021 at 19:46
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Chartered Accountant
7550 Points Posted on 14 April 2021

What if I am unable to bifurcate my costs between finished product and by product?how should i deduct costs from by product?

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On 14 April 2021 at 20:27
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Chartered Accountant
24588 Points Posted on 14 April 2021
Cost should be allocated as per production units
129 Reply
On 14 April 2021 at 20:30
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2742 Points Posted on 15 April 2021
Https://www.accountingtools.com/articles/2017/5/14/by-product-costing-and-joint-product-costing
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On 15 April 2021 at 08:41


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