How to Calculate Work-in-Progress: With Methods, Formula
The following article will guide you about how to calculate opening and closing work-in-progress. Accounting with Opening and Closing Work-in-Progress-FIFO Method: FIFO method assumes that those units, which represent work-in-progress at the beginning, are completed first and the units partly complete at the end of the period are units introduced or transferred from the preceding process during the current period. [...]