Postings for Inventory Movements
You can move items to inventory after a job is complete, or you can move items to inventory when you need them to complete a job. The following sample ledger shows how move to inventory transactions post when you use standard costing:
Standard Costing
| Date | Transaction/Accounts | Debit | Credit |
|---|---|---|---|
| August 2 | Move finished material to inventory | ||
| PC inventory | 30 | ||
| PC WIP Matl/Lbr/Ovhd + Var | 30 | ||
| August 2 | Move finished material to job | ||
| Product class inventory | 30 | ||
| Product class WIP | 30 |
The following sample ledger shows how move to inventory transactions post when you use weighted average costing:
Weighted Average Costing
| Date | Transaction/Accounts | Debit | Credit |
|---|---|---|---|
| August 2 | Move finished material to inventory | ||
| Product class inventory at standard cost | 40 | ||
| Product class WIP | 40 | ||
| August 2 | Move finished material to job | ||
| Product class inventory | 56 | ||
| Product class WIP | 56 |