13 April 2010
consumption entry is passed for WIP and FG production. what amount will be included in these heads? will it include only cost of materials consumed or share of labour cost and overheads?
13 April 2010
FOR WIP you can have the cost incurred till Cost of production, and for the FG you can have Cost of good produced. For better understanding go through the cost sheet which you have studied in costing . Its practical to follow that and also relevant. Including cost of labour and material and admin expense if allocated properly.
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