Skip to Content
0
Former Member
Nov 08, 2012 at 02:43 AM

WIP booking and reversal

138 Views

hi,

say to produce output of quantity 5 and finished goods price at $10.

1 25 Oct, goods issued to production order.

2 31 Oct, GR quantity of 3.

3 Month end routine to calculate WIP and during settlement,

dr wip of 20 and cr revenue 20

4 5 Nov, GR quantity of another 2. now completedly produced.

5 30 Nov month end routine to calculate WIP (no more WIP) and during settlement,

reverse of quantity 2 x $10

dr revenue 20 and cr wip of 20

Above correct?

thanks