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