{"id":7226,"date":"2023-06-01T18:10:55","date_gmt":"2023-06-01T18:10:55","guid":{"rendered":"https:\/\/commerceiets.com\/?p=7226"},"modified":"2023-06-01T18:14:57","modified_gmt":"2023-06-01T18:14:57","slug":"importance-of-equivalent-production-in-valuing-work-in-progress","status":"publish","type":"post","link":"https:\/\/commerceiets.com\/importance-of-equivalent-production-in-valuing-work-in-progress\/","title":{"rendered":"IMPORTANCE OF EQUIVALENT PRODUCTION IN VALUING WORK IN PROGRESS"},"content":{"rendered":"\n<p>IMPORTANCE OF EQUIVALENT PRODUCTION IN VALUING WORK IN PROGRESS<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/commerceiets.com\/importance-of-equivalent-production-in-valuing-work-in-progress\/#EQUIVALENT_PRODUCTION\" title=\"EQUIVALENT PRODUCTION\">EQUIVALENT PRODUCTION<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/commerceiets.com\/importance-of-equivalent-production-in-valuing-work-in-progress\/#IMPORTANCE_OF_EQUIVALENT_PRODUCTION_IN_VALUING_WORK_IN_PROGRESS\" title=\"IMPORTANCE OF EQUIVALENT PRODUCTION IN VALUING WORK IN PROGRESS\">IMPORTANCE OF EQUIVALENT PRODUCTION IN VALUING WORK IN PROGRESS<\/a><\/li><\/ul><\/nav><\/div>\n<h3 class=\"wp-block-heading has-text-align-center\"><span class=\"ez-toc-section\" id=\"EQUIVALENT_PRODUCTION\"><\/span><strong>EQUIVALENT PRODUCTION<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><a href=\"https:\/\/commerceiets.com\/equivalent-production\/\" target=\"_blank\" rel=\"noreferrer noopener\">Equivalent Production<\/a> represents the production of a\u00a0process\u00a0in terms of completed units. In other words, it means converting the incomplete production units into its equivalent of complete units. In each process an estimate is made of the percentage completion of any work-in-progress. A production schedule and a cost schedule will then be prepared. The work-in-progress is inspected and an estimate is made of the degree of completion, usually on a percentage basis. It is most important that this estimate is as accurate as possible because a mistake at this stage would affects the stock valuation used in the preparation of final accounts. The formula for equivalent production is:<\/p>\n\n\n\n<p><strong>Equivalent units of work-in-progress<\/strong> = Actual no. of units in process of manufacture x Percentage of work completed<\/p>\n\n\n\n<p>For example: If 20% work has been done on the average of 1,000 units still in process, then 1,000 such units will be equal to 200 completed units. The cost of work-in-progress will be equal to 200 completed units.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center\"><span class=\"ez-toc-section\" id=\"IMPORTANCE_OF_EQUIVALENT_PRODUCTION_IN_VALUING_WORK_IN_PROGRESS\"><\/span><strong>IMPORTANCE OF EQUIVALENT PRODUCTION IN VALUING WORK IN PROGRESS<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Equivalent production is a concept used in managerial costing to measure the value of work in progress (WIP) in a production process. It is important because it allows for a more accurate valuation of WIP inventory and helps in making informed decisions about production efficiency, cost control, and pricing.<\/p>\n\n\n\n<p>Here are some key reasons why equivalent production is important in valuing work in progress:<\/p>\n\n\n\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped wp-block-gallery-1 is-layout-flex wp-block-gallery-is-layout-flex\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" data-id=\"7229\" src=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2023\/06\/Slide4-1024x576.jpg\" alt=\"IMPORTANCE OF EQUIVALENT PRODUCTION IN VALUING WORK IN PROGRESS\" class=\"wp-image-7229\" srcset=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2023\/06\/Slide4-1024x576.jpg 1024w, https:\/\/commerceiets.com\/wp-content\/uploads\/2023\/06\/Slide4-300x169.jpg 300w, https:\/\/commerceiets.com\/wp-content\/uploads\/2023\/06\/Slide4-768x432.jpg 768w, https:\/\/commerceiets.com\/wp-content\/uploads\/2023\/06\/Slide4.jpg 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">IMPORTANCE OF EQUIVALENT PRODUCTION IN VALUING WORK IN PROGRESS<\/figcaption><\/figure>\n<\/figure>\n\n\n\n<ol type=\"1\" start=\"1\">\n<li><strong>Cost allocation:<\/strong> In a multi-step production process, it is often challenging to assign costs accurately to partially completed units. Equivalent production helps in allocating costs based on the proportion of completion, ensuring that costs are allocated to WIP inventory in a more accurate and meaningful manner. This leads to a more reliable valuation of WIP and enhances the accuracy of cost reports and financial statements.<\/li>\n\n\n\n<li><strong>Performance evaluation:<\/strong> Equivalent production enables companies to assess their production efficiency and compare actual output to the ideal or standard output. By measuring the equivalent units produced, managers can evaluate how effectively the production process is converting raw materials into finished goods. This information is crucial for identifying inefficiencies, bottlenecks, and areas for improvement, ultimately leading to better decision-making and cost management.<\/li>\n\n\n\n<li><strong>Inventory valuation:<\/strong> Accurate valuation of WIP inventory is essential for financial reporting and determining the true value of a company&#8217;s assets. Equivalent production provides a basis for valuing partially completed units based on the degree of completion. By valuing WIP accurately, companies can present a more realistic financial position and ensure compliance with accounting standards.<\/li>\n\n\n\n<li><strong>Pricing decisions:<\/strong> Equivalent production plays a role in pricing decisions, especially in industries where WIP inventory is significant. When determining the selling price of a product, companies need to consider the cost of production, including the cost allocated to WIP. Equivalent production helps to calculate the total cost per unit more accurately, enabling companies to set competitive prices that cover both direct costs and allocated overheads, ultimately supporting profitability.<\/li>\n\n\n\n<li><strong>Decision-making:<\/strong> Equivalent production information is valuable for managerial decision-making. It provides insights into the progress of production, the amount of inventory on hand, and the overall efficiency of the production process. Managers can use this information to make decisions regarding production schedules, resource allocation, capacity planning, and optimizing production costs.<\/li>\n<\/ol>\n\n\n\n<p>In summary, equivalent production is important in valuing work in progress as it facilitates accurate cost allocation, performance evaluation, inventory valuation, pricing decisions, and overall decision-making. By considering the degree of completion of partially completed units, companies can better understand their production process, optimize resource allocation, and make informed business decisions.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.linkedin.com\/in\/kajal-mahajan-7549b2197\/\" target=\"_blank\" rel=\"noreferrer noopener\">CONNECT ON LINKEDIN<\/a><\/div>\n<\/div>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Also Study<\/strong><\/td><td><strong>Also Study<\/strong><\/td><td><strong>Also Study<\/strong><\/td><td><strong>Also Study<\/strong><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/cost-accounting\/\">Cost Accounting<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/scope-of-cost-accounting-pdf\/\">Scope of cost accounting<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/elements-of-cost\/\">Elements of cost<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/types-of-cost\/\">Types of cost<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/material-control-in-cost-accounting-pdf\/\">Material control<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/perpetual-inventory-system\/\">Perpetual inventory system<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/pricing-of-materials\/\">Pricing of materials<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/bin-card\/\">Bin Card<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/store-ledger\/\">Stores Ledger<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/incentive-plans\/\">Incentive plans<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/overhead\/\">Overheads<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/accounting-treatment-of-idle-time\/\">Idle time<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/system-of-wage-payment-in-cost-accounting\/\">System of wage payment in cost accounting<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-time-rate-system-and-piece-rate-system\/\">Time rate vs piece rate wage system<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/cost-centre\/\">Cost Center<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/labor-turnover\/\">Labour Turnover<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/difference-between-management-accounting-and-cost-accounting\/\">Difference between management accounting and cost accounting<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/allocation-and-apportionment-of-overheads\/\">Allocation and apportionment of overheads<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-allocation-and-apportionment-of-overheads\/\">Allocation vs Apportionment of overheads<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/absorption-of-overheads\/\">Absorption of overheads<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/over-absorption-and-under-absorption-of-overheads\/\">Over absorption and under absorption of overheads<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/activity-based-costing\/\">Activity based costing<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-traditional-costing-and-activity-based-costing\/\">Traditional costing vs ABC system<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/reconciliation-of-accounts\/\">Reconciliation of accounts<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/unit-costing\/\">Unit costing<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/cost-sheet-format\/\">Cost sheet format<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/cost-sheet-vs-production-account\/\">Cost sheet vs production sheet<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/job-costing\/\">Job costing<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/batch-costing\/\">Batch Costing<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-job-costing-and-batch-costing\/\">job costing vs batch costing<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/contract-costing\/\">Contract costing<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-job-costing-and-contract-costing\/\">Job Costing vs Contract costing<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/process-costing\/\">Process Costing<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/process-costing-vs-job-costing\/\">Process costing vs job costing<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/joint-products\/\">Joint products<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/by-products\/\">By Product&nbsp;<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/equivalent-production\/\">Equivalent production<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/marginal-costing\/\">Marginal costing<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/applications-of-marginal-costing\/\">Application of marginal costing<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/cost-volume-profit-analysis\/\">Cost volume profit analysis<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/tools-and-techniques-of-marginal-costing\/\">Tools and techniques of marginal costing<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/budget\/\">Budget<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/break-even-point\/\">Break even point<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/process-of-budgetary-control\/\">Process of budgetary control<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/explain-the-advantages-and-limitations-of-budgetary-control\/\">Advantages and limitations of budgetary control<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/budgetary-control\/\">Budgetary Control<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/zero-base-budgeting\/\">Zero base budgeting<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/standard-costing\/\">Standard Costing<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/variance-analysis\/\">Variance Analysis<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-standard-costing-and-budgetary-control\/\">Standard costing vs budgetary control<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-management-accounting-and-cost-accounting\/\">Management accounting vs cost accounting<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-financial-accounting-management-accounting-and-cost-accounting\/\">Cost accounting vs financial accounting<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/why-cost-accounting-is-necessary-best-detailed-explanation\/\">Why cost accounting is necessary<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/essentials-of-a-good-costing-system\/\">Essentials of good costing system<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/objectives-and-advantages-of-cost-accounting\/\">objectives and advantages of cost accounting<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/meaning-and-scope-of-cost-accountancy-pdf\/\">scope of cost accountancy<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/cost-accounting-is-an-indispensable-tool-of-modern-management\/\">Cost accounting is an indispensable tool of modern management<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/while-financial-accounting-is-external-cost-accounting-is-internal-to-the-business-discuss\/\">While financial accounting is external, cost accounting is internal to the business.<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/nature-and-advantages-of-cost-accounting\/\">Explain nature and advantages of cost accounting<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/cost-accounting-is-becoming-more-and-more-relevant-in-emerging-scenario-in-india\/\">Cost accounting in emerging scenario of India<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/objectives-of-cost-accounting\/\">Objectives of cost accounting<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/methods-of-cost-accounting-and-their-adaptability-in-different-industries\/\">Methods of cost accounting and their adaptability in different industries<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/meaning-of-escalation-clause-in-contract-costing\/\">Escalation clause in contract costing<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/calculation-of-profits-in-contract-costing\/\">Calculation of profits in contract costing<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/cost-plus-contracts-in-contract-costing\/\">cost plus contracts<\/a><\/td><td><\/td><td><\/td><td><\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\">IMPORTANCE OF EQUIVALENT PRODUCTION IN VALUING WORK IN PROGRESS<\/figcaption><\/figure>\n\n\n\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped wp-block-gallery-2 is-layout-flex wp-block-gallery-is-layout-flex\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" data-id=\"7231\" src=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2023\/06\/Slide1-1024x576.jpg\" alt=\"IMPORTANCE OF EQUIVALENT PRODUCTION IN VALUING WORK IN PROGRESS\" class=\"wp-image-7231\" srcset=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2023\/06\/Slide1-1024x576.jpg 1024w, https:\/\/commerceiets.com\/wp-content\/uploads\/2023\/06\/Slide1-300x169.jpg 300w, https:\/\/commerceiets.com\/wp-content\/uploads\/2023\/06\/Slide1-768x432.jpg 768w, https:\/\/commerceiets.com\/wp-content\/uploads\/2023\/06\/Slide1.jpg 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">IMPORTANCE OF EQUIVALENT PRODUCTION IN VALUING WORK IN PROGRESS<\/figcaption><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" data-id=\"7235\" src=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2023\/06\/Slide2-1024x576.jpg\" alt=\"IMPORTANCE OF EQUIVALENT PRODUCTION IN VALUING WORK IN PROGRESS\" class=\"wp-image-7235\" srcset=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2023\/06\/Slide2-1024x576.jpg 1024w, https:\/\/commerceiets.com\/wp-content\/uploads\/2023\/06\/Slide2-300x169.jpg 300w, https:\/\/commerceiets.com\/wp-content\/uploads\/2023\/06\/Slide2-768x432.jpg 768w, https:\/\/commerceiets.com\/wp-content\/uploads\/2023\/06\/Slide2.jpg 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><strong>IMPORTANCE OF EQUIVALENT PRODUCTION IN VALUING WORK IN PROGRESS<\/strong><\/figcaption><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" data-id=\"7228\" src=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2023\/06\/Slide3-1024x576.jpg\" alt=\"IMPORTANCE OF EQUIVALENT PRODUCTION IN VALUING WORK IN PROGRESS\" class=\"wp-image-7228\" srcset=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2023\/06\/Slide3-1024x576.jpg 1024w, https:\/\/commerceiets.com\/wp-content\/uploads\/2023\/06\/Slide3-300x169.jpg 300w, https:\/\/commerceiets.com\/wp-content\/uploads\/2023\/06\/Slide3-768x432.jpg 768w, https:\/\/commerceiets.com\/wp-content\/uploads\/2023\/06\/Slide3.jpg 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">IMPORTANCE OF EQUIVALENT PRODUCTION IN VALUING WORK IN PROGRESS<\/figcaption><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" data-id=\"7229\" src=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2023\/06\/Slide4-1024x576.jpg\" alt=\"IMPORTANCE OF EQUIVALENT PRODUCTION IN VALUING WORK IN PROGRESS\" class=\"wp-image-7229\" srcset=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2023\/06\/Slide4-1024x576.jpg 1024w, https:\/\/commerceiets.com\/wp-content\/uploads\/2023\/06\/Slide4-300x169.jpg 300w, https:\/\/commerceiets.com\/wp-content\/uploads\/2023\/06\/Slide4-768x432.jpg 768w, https:\/\/commerceiets.com\/wp-content\/uploads\/2023\/06\/Slide4.jpg 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">IMPORTANCE OF EQUIVALENT PRODUCTION IN VALUING WORK IN PROGRESS<\/figcaption><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" data-id=\"7233\" src=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2023\/06\/Slide5-1024x576.jpg\" alt=\"IMPORTANCE OF EQUIVALENT PRODUCTION IN VALUING WORK IN PROGRESS\" class=\"wp-image-7233\" srcset=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2023\/06\/Slide5-1024x576.jpg 1024w, https:\/\/commerceiets.com\/wp-content\/uploads\/2023\/06\/Slide5-300x169.jpg 300w, https:\/\/commerceiets.com\/wp-content\/uploads\/2023\/06\/Slide5-768x432.jpg 768w, https:\/\/commerceiets.com\/wp-content\/uploads\/2023\/06\/Slide5.jpg 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">IMPORTANCE OF EQUIVALENT PRODUCTION IN VALUING WORK IN PROGRESS<\/figcaption><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" data-id=\"7232\" src=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2023\/06\/Slide6-1024x576.jpg\" alt=\"IMPORTANCE OF EQUIVALENT PRODUCTION IN VALUING WORK IN PROGRESS\" class=\"wp-image-7232\" srcset=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2023\/06\/Slide6-1024x576.jpg 1024w, https:\/\/commerceiets.com\/wp-content\/uploads\/2023\/06\/Slide6-300x169.jpg 300w, https:\/\/commerceiets.com\/wp-content\/uploads\/2023\/06\/Slide6-768x432.jpg 768w, https:\/\/commerceiets.com\/wp-content\/uploads\/2023\/06\/Slide6.jpg 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">IMPORTANCE OF EQUIVALENT PRODUCTION IN VALUING WORK IN PROGRESS<\/figcaption><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" data-id=\"7230\" src=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2023\/06\/Slide7-1024x576.jpg\" alt=\"IMPORTANCE OF EQUIVALENT PRODUCTION IN VALUING WORK IN PROGRESS\" class=\"wp-image-7230\" srcset=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2023\/06\/Slide7-1024x576.jpg 1024w, https:\/\/commerceiets.com\/wp-content\/uploads\/2023\/06\/Slide7-300x169.jpg 300w, https:\/\/commerceiets.com\/wp-content\/uploads\/2023\/06\/Slide7-768x432.jpg 768w, https:\/\/commerceiets.com\/wp-content\/uploads\/2023\/06\/Slide7.jpg 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">IMPORTANCE OF EQUIVALENT PRODUCTION IN VALUING WORK IN PROGRESS<\/figcaption><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" data-id=\"7236\" src=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2023\/06\/Slide8-1024x576.jpg\" alt=\"IMPORTANCE OF EQUIVALENT PRODUCTION IN VALUING WORK IN PROGRESS\" class=\"wp-image-7236\" srcset=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2023\/06\/Slide8-1024x576.jpg 1024w, https:\/\/commerceiets.com\/wp-content\/uploads\/2023\/06\/Slide8-300x169.jpg 300w, https:\/\/commerceiets.com\/wp-content\/uploads\/2023\/06\/Slide8-768x432.jpg 768w, https:\/\/commerceiets.com\/wp-content\/uploads\/2023\/06\/Slide8.jpg 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">IMPORTANCE OF EQUIVALENT PRODUCTION IN VALUING WORK IN PROGRESS<\/figcaption><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" data-id=\"7234\" src=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2023\/06\/Slide9-1024x576.jpg\" alt=\"IMPORTANCE OF EQUIVALENT PRODUCTION IN VALUING WORK IN PROGRESS\" class=\"wp-image-7234\" srcset=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2023\/06\/Slide9-1024x576.jpg 1024w, https:\/\/commerceiets.com\/wp-content\/uploads\/2023\/06\/Slide9-300x169.jpg 300w, https:\/\/commerceiets.com\/wp-content\/uploads\/2023\/06\/Slide9-768x432.jpg 768w, https:\/\/commerceiets.com\/wp-content\/uploads\/2023\/06\/Slide9.jpg 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">IMPORTANCE OF EQUIVALENT PRODUCTION IN VALUING WORK IN PROGRESS<\/figcaption><\/figure>\n<\/figure>\n","protected":false},"excerpt":{"rendered":"<p>IMPORTANCE OF EQUIVALENT PRODUCTION IN VALUING WORK IN PROGRESS EQUIVALENT PRODUCTION Equivalent Production represents the production of a\u00a0process\u00a0in terms of completed units. In other words, it means converting the incomplete production units into its equivalent of complete units. In each process an estimate is made of the percentage completion of any work-in-progress. A production schedule&#8230;<\/p>\n<p class=\"more-link-wrap\"><a href=\"https:\/\/commerceiets.com\/importance-of-equivalent-production-in-valuing-work-in-progress\/\" class=\"more-link\">Read More<span class=\"screen-reader-text\"> &ldquo;IMPORTANCE OF EQUIVALENT PRODUCTION IN VALUING WORK IN PROGRESS&rdquo;<\/span> &raquo;<\/a><\/p>\n","protected":false},"author":2,"featured_media":7229,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[187],"tags":[550,551],"_links":{"self":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/posts\/7226"}],"collection":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/comments?post=7226"}],"version-history":[{"count":4,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/posts\/7226\/revisions"}],"predecessor-version":[{"id":7241,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/posts\/7226\/revisions\/7241"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/media\/7229"}],"wp:attachment":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/media?parent=7226"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/categories?post=7226"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/tags?post=7226"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}