⭐ Important points (exam-critical)
- ⭐Joint products: allocate cost on relative sale value or physical units at split-off.
- ⭐By-products usually valued at NRV and deducted from main product cost.
- ⭐Lower of cost/NRV applied item-by-item (not on overall inventory).
- ⭐Disclose accounting policies + carrying amount classified appropriately in notes.
Want more depth on important points?
Make it click