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Evo-ERP and DBA Classic >> Manufacturing >> WIP Varience
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Message started by bigjoe on 02/12/07 at 12:35:49

Title: WIP Varience
Post by bigjoe on 02/12/07 at 12:35:49

In the job costing module there is a report that is a work in process summary. There are 2 columns on that report that have me confused. One is the WIP variance and the other is the Net wip. I get some strange numbers that show up in htese 2 columns. I know what I believe should be there but can someone explain it to me. Right now I get a lot of -.01 and -.02 in the WIP variance, when the numbers in the 2 columns before them are more than -.01 different. Help! ???

Title: Re: WIP Varience
Post by lmk223a on 02/16/07 at 11:15:31

JC-M report WIP SUMMARY

For OPEN work orders, the last column NET WIP $ represents the difference between total $ incurred work order costs (ACTUAL TOT column) and transfers to finished production (WO-I) and FIN PROD column, and is calculated at AVERAGE or Standard cost depending upon which method you employ.

As we transfer 100% of incurred costs through finished production, the WIP variance for CLOSED work orders represents the $ difference between all transfers to finished production (FIN PROD) and total $ work order costs (ACTUAL TOT). For us, WIP variance is usually only a few pennies and is due to rounding.