In WIP and Routing, what values do the Average Cost and Open WIP amount under Aver. Cost Completion Unit Cost calculate?

The company I work for uses WIP and Routing, are we are having a lot of issues with variances. I have been reading about a setting under AVERAGE COST COMPLETION UNIT COST options. Can someone please explain where each (Average Cost and Open WIP Amount) pull their values from?

Rookie Asked on February 16, 2024 in Accounting.
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