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Former Member
Sep 09, 2009 at 05:06 PM

WIP and Variance

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Dear all,

What is WIP and Variance?

How do we calculate the WIP. Is it calculated for a material??

Why do we calculate the cost of materials? I am aware that we calculate the standard cost of a material?

But why do we need that when we know the price of the material that we bought.

Looking forward for your valuable replies.

Thanks

Srikanth.