Calculation of wip as per as7
Querist : Anonymous
I have a query regarding WIP which is derived as per AS7.
I know we compute percentage of completion as per cost incurred divided by total cost to be incurred on contract.But here is two cost we have incurred i.e. certified value of cost incurred & uncertified part of cost.
I want to know which part of cost will be used to derive % of completion.
Pleased provide me suitable answer as soon as possible.
Regards,
Ravi garg
Querist : Anonymous
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