Final answer:
The correct form to be submitted when an item valued at $500 has been received and its shelf life has expired is SF 362. SF 362 is the Inventory Adjustment Report, a form used to account for adjustments to inventory, including items with expired shelf life or damaged goods.
Step-by-step explanation:
When an item valued at $500 has been received and its shelf life has expired, the appropriate form to submit is the SF 364, Report of Discrepancy (ROD). This form is used by individuals who find discrepancies in shipments, such as overages, shortages, damages, or in this case, expired items.
It is essential to submit this form to report such issues to the supplier or responsible agency to rectify the situation and potentially recover the costs or replace the item.