Dear Students/Experts/Members
I have a querry on AS-2
Standard Prescribes Specific Identification method in case of Specific Projects and if the materials are not interchangeable and if interchangeable FIFO or Weighted Average Cost Formula.
The Standard also relaxes for Standard Cost and Retail method for Retail Business
Now Presume a Person Carries on Sand Business Purchases are made in Heaps and issues can be defintely made only from the Last Purchased Lot First as it is impracticable to issue Sand from First Purchased Lot
In ths Situation pricing of Issues on LIFO Basis would be appropriate but our Indian Standard Does not permit LIFO like US GAAP
Can I have some opinion on this issue by learned members
CAclubindia
