How will we value closing stock of by product? when we are valuing closing stock of finished goods @ cost
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Closing stock of by-product
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Quick Summary
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.
And it should be valued at cost or nrv whichever is lower.
What if I am unable to bifurcate my costs between finished product and by product?how should i deduct costs from by product?
Cost should be allocated as per production units
Https://www.accountingtools.com/articles/2017/5/14/by-product-costing-and-joint-product-costing
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