https://www.taxtmi.com/acts?id=40991 Inventories must be measured at the lower of cost and net realisable value. Cost comprises costs of purchase, costs of conversion (including direct labour and allocated fixed and variable production overheads based on normal capacity) and other costs to bring inventories to present location and condition. Excluded costs include abnormal wastage, non-production storage, non-contributory administrative overheads, selling costs and ordinarily borrowing costs. Cost assignment uses specific identification for segregated items and FIFO or weighted average for interchangeable items, with permitted use of standard or retail methods where they approximate actual cost. en-us Sat, 05 Nov 2022 11:05:24 +0530 Tue, 06 Jan 2026 14:44:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=40991 Inventories must be measured at the lower of cost and net realisable value. Cost comprises costs of purchase, costs of conversion (including direct labour and allocated fixed and variable production overheads based on normal capacity) and other costs to bring inventories to present location and condition. Excluded costs include abnormal wastage, non-production storage, non-contributory administrative overheads, selling costs and ordinarily borrowing costs. Cost assignment uses specific identification for segregated items and FIFO or weighted average for interchangeable items, with permitted use of standard or retail methods where they approximate actual cost. Act-Rules Companies Law Sat, 05 Nov 2022 11:05:24 +0530 https://www.taxtmi.com/acts?id=40991