Question

If at the end of the fiscal year, the variances from standard are significant, the variances should be transferred to the a.work in process, cost of goods sold, and finished goods accounts b.work in process account c.finished goods account d.cost of goods sold account

Answer 1

If,at the end of the fiscal year, the conflicts from the standard are significant the disagreements should be transferred to the work in process account.

Variance In Fiscal Year

The fiscal year variant includes the number of assigning periods in the fiscal year and the number of unique periods. One can wait year in the Controlling component (CO).

Work In Process Account

Work in progress analysis involves following the amount of WIP in commodities at the end of an accounting span and allocating a cost to it for inventory valuation objectives, based on the percentage of consummation of the WIP items.

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