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work in process not zeroing out (Read 340 times)
jsapp
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work in process not zeroing out
06/10/05 at 07:06:59
 
We have discovered that our Work in Process account didn't zero out at the end of May. It normally does. Advice please??? We don't know what to do with the amount to get our financials correct, so this has to be dealt with soon.
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lmk223a
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Re: work in process not zeroing out
Reply #1 - 06/10/05 at 11:05:38
 
If there are dollars remaining in WIP, then the total investment was not properly passed through to finished goods as a work order receipt, or to costs of goods sold when the sale was recorded (if you don't use finished goods) or there are still open work orders with unfinished quantities.
 
I am not sure of your work flow, industry or costing method.
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