Valuation of Finished Goods as per AS-2 and Cost Accounting Principles, Accounting - Auditing

[Rakesh Singh]

As per AS-2, Finished Goods are required to be valued as "Cost or Net Realizable Value" whichever is earlier. While calculating " Cost " there is no variance in principles as per Costing and AS-2 except:

(1) Method of valuation of materials consumption; and

(2) Inclusion of ED in the value.

Would prefer to solicit opinion of experts including further elaboration.

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[MARIAPPAN GOVINDARAJAN]

You are the expert in the field. You have to guide us.