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48. EVALUATION AND ACCOUNTING OF MATERIALS AT THEIR DISPOSAL
When materials are released into production or otherwise disposed of, they are evaluated in one of the following ways:
▪ at the cost of each unit;
▪ at average cost;
▪ FIFO method.
The method chosen by the organization for assessing materials upon their disposal should be fixed in the accounting policy. The assessment method must be uniform for groups or types of materials and cannot be changed during the year.
The method of valuing materials when writing off at the cost of each unit is used for materials used in a special order (precious materials, stones, etc.), or for materials that cannot replace each other.
The average cost of materials, at which they are written off to production during the month, is determined by the formula
where SP is the average cost of materials; Oн - the actual cost of the balance of materials at the beginning of the month; P - the actual cost of materials received per month; Toн - number of materials at the beginning of the month; Toп - the number of materials received per month.
In this case, the actual cost of the balance of materials at the end of the month is determined by the formula
Ок = SC x KОст
where Oк - the actual cost of the balance of materials at the end of the month; ToОст - the number of materials listed at the end of the month in the balance.
When estimating using the FIFO method, materials are written off to production at prices in the sequence of their purchases, i.e. materials that are the first to go into production (regardless of which lots the materials are issued from) are valued at the cost of the first purchases in time, taking into account the balances of materials listed at the beginning of the month. The remaining materials at the end of the month are valued at the actual cost of the most recent purchases.
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