Record WIP at cost or revenue?

  • Creator
    Topic
  • May 10, 2013 at 3:28 pm #177425
    jjm1181
    Participant

    Debit WIP and Credit Direct Materials, Labor, etc. But if you know the product/service revenue, do you still transfer at cost? I know the answer is yes, but just wanted to confirm.

    B 79
    A 75
    R 78
    F 85

Viewing 3 replies - 1 through 3 (of 3 total)
  • Author
    Replies
  • May 10, 2013 at 3:33 pm #411967
    OJFWEroiu
    Member

    Just curious. Why do you care if you already passed?

    passed

    May 10, 2013 at 3:37 pm #411968
    mla1169
    Participant

    The correct answer is it depends on what method you're using for cost accounting.

    FAR- 77
    AUD -49, 71, 84
    REG -56,75!
    BEC -75

    Massachusetts CPA (non reporting) since 3/12.

    May 11, 2013 at 1:35 am #411969
    Anonymous
    Inactive

    Are you talking about transfer pricing? Or cost allocation?

  • Author
    Replies
Viewing 3 replies - 1 through 3 (of 3 total)
  • The topic ‘Record WIP at cost or revenue?’ is closed to new replies.