WIP/Inventory Questions

Is your controller taking the Inventory Variance account into consideration?

____________________Reply Separator____________________
Subject: [Vantage] WIP/Inventory Questions
Author: <vantage@yahoogroups.com>
Date: 7/3/02 9:15 AM

We just completed a full physical inventory for our fiscal yearend. The
controller asked me a question yesterday regarding the totals compared to
what the G/L showed for account balances. Needless to say they are way off
and I was wondering if this is normal or if someone could explain why the
G/L accounts never seem to match what is shown as total value for that Part
class. We do use part classes and separate our finished stock items from
purchased goods. We use average cost in inventory. And one account for
WIP. What means/reports can we use to balance the inventory valuation with
the G/L account balances?

Do we just need to make a year end adjustment to make them reflect the total
value?

Thanks,
Darren Mann
Miller Products Co.

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