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Very interesting post, Ian, and one for once informed by fact rather than emotion.

I would like to know how they valued WIP? When i had need of such a valuation I looked at the previous year's profit and the number of files which led to the bills which generated it. On the assumption that the average file is half way through its shelf-life, WIP per file was equal to one half of the average bill (£100 at the time). I then multiplied that by the number of current files to arrive at the value of the WIP. Is there anything particularly wrong with that?

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