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Wip

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Querist : Anonymous

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Querist : Anonymous (Querist)
28 April 2014 can any body explain what is WIP. how to calculate wip amount as on financial year end
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Sandeep Dharar

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Sandeep Dharar (Expert)
28 April 2014 It is Work In Progress, The goods which r not finished but are in machine to b converted to Finished Goods.

The calculation is suppose u r a manufacturer of Plastic Bottle. in the first stage(processing goods through machine) u inserted Raw Materials & say Labour to it, and on the last date the goods r in machine so u will calculate according to that. i.e, suppose RM- 5L, Lab- 2L so WIP will b- 7L. And the extra charges like additional materials should not b included in its value.
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