How do you treat work-in-progress in cost sheet?

Answer 1

Work in Progress cost control is by nature compared to a budget set for that project.

Now if you don't have a budget it may be be3cause:

1) You don't have all the elements of the project worked out beforehand

2)You don't have a databank that would help you estimate the time, machine and labor cost to carry out the project.

Th remedy of both is:

1) To work out the elements that needs to be done preferaably in sequence.

2 Use a system like "successive calculation" to work the prelimonary estimate --a fast method of working the cost-plan/budget into yoiur budget and adjust as you ngo along.

To work the above into fruition a combination of spreadsheets and a progress-plan needs to be adhered to.

The above ois the guide-line and I can elaborate upon equest.

The basic philosophy is of course "balancing" the budget set-aside for any project.

"The Wayfahrer.