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.