Category: Bookkeeping

Content Cost of goods manufactured Accurate tracking and forecasting Process Analysis Work-in-Process (WIP) Inventory: Definition, How It Works, & Formula Related Products Tracking the status of in-process goods and work orders is crucial to ensure efficient production processes and optimal stock levels. Doing this with spreadsheets or pen-and-paper is possible for very small or simple… Continue reading Why & How To Calculate Work In Process WIP Inventory Value

Businesses always calculate WIP inventory at the end of accounting periods, whether that be a quarter, year, or some other time period. This total WIP figure is the ending work in process inventory for that accounting period—and the beginning work in process inventory for the next accounting period. It’s particularly important to monitor supply chain… Continue reading What is work in process inventory? Definition, formula and benefits for your business

Content THE IMPACT OF STOCK MANAGEMENT ON THE SUCCESS OF AN ORGANISATION CASE STUDY: UTC NIGERIA LTD Related Studylists Material Price Variance: Search For Your Project Topic Finally, the labour of one and a quarter hours at £16 an hour equates to £20. So with a total cost of £52.10 for five Widgets, they would… Continue reading Manage standard cost variances

Content Definition of Sole Proprietorship Drawing Account The Drawing Account is a Capital Account Drawing Account: The amounts of the owner’s draws are recorded with a debit to the drawing account and a credit to cash or other asset. At the end of the accounting year, the drawing account is closed by transferring the debit… Continue reading What is the accounting entry to close the sole proprietorship drawing account?

Content Take Advantage of Accounting Software & Tools Best Bookkeepers Near Me Time/Billing Solutions Honeyman Accounting, LLC OTHER SERVICES Read Our Tips on How to Set Up Back Office Functions the Right Way Every business is unique, and there’s no single system that’s right for everyone. Here at Better Bookkeepers, we apply our extensive experience… Continue reading Best Law Firm Accounting Bookkeeping Services in 2023