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Calculation of wip for construction company.

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Querist : Anonymous

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Querist : Anonymous (Querist)
13 March 2013 Our client is engage in civil construction. And they have to calculate WIP every month for certain purpose. We are calculating WIP as under.
Total Billing ***
(Less) Uncertify Bills (***)
Gross WIp ***
(Less) GP Margin (***)
WIP @ Cost
(Add) Unbilled Work @ cost ***
Net WIP ***

Whether this is right method ????
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
15 August 2013 Work in progress need to compute based on cost method.

Cost of work done
Less: Certified value
Balance is Work in progress

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