Periodic processing (Period-end closing) are several steps related to production that are completed periodically during the process. Overhead calculations are accumulated and are periodically allocated to production orders. Work in progress (WIP) is finished goods not completed and placed inventory until a later time. A company will periodically calculate WIP and make postings in the General Ledger. Settlement is a variance between total debits and total credits what is the must posted to GL accounts periodically?

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In the context of periodic processing and production accounting the variances arising due to overhea... View the full answer