What is WIP revaluation in SAP CO-PC - Product Cost Controlling?

SAP Term: WIP revaluation

• Component: CO-PC

• Component Name: Product Cost Controlling

• Description: Option to subsequently debit/credit work in process WIP in a material ledger costing run, with the differences that occurred during production of the WIP.

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• Key Concepts: 
  WIP revaluation is a process in SAP's CO-PC Product Cost Controlling module that allows users to adjust the value of work-in-progress (WIP) inventory. This process is used to ensure that the value of WIP inventory is accurately reflected in the company's financial statements. The revaluation process can be used to adjust the value of WIP inventory based on changes in material costs, labor costs, overhead costs, and other factors.
  
  How to use it: 
  To use WIP revaluation in SAP's CO-PC Product Cost Controlling module, users must first set up a revaluation strategy. This strategy defines the criteria for when and how the WIP inventory should be revalued. Once the strategy is set up, users can then run the WIP revaluation process. This process will automatically adjust the value of WIP inventory based on the criteria defined in the revaluation strategy.
  
  Tips & Tricks: 
  When setting up a WIP revaluation strategy, it is important to consider all potential factors that could affect the value of WIP inventory. This includes changes in material costs, labor costs, overhead costs, and other factors. Additionally, it is important to consider how often the WIP inventory should be revalued in order to ensure that its value is accurately reflected in the company's financial statements.
  
  Related Information: 
  For more information about WIP revaluation in SAP's CO-PC Product Cost Controlling module, please refer to SAP's official documentation at https://help.sap.com/viewer/product/CO_PC/2020_08_500/en-US.