What account should WIP variances go to since inventory adjustment was done to correct average cost?

AI generated answer (using internal Slack threads):

Based on the conversations, the Work in Progress (WIP) variances should be accounted for in the Cost of Goods Sold (COGS) account. This is because the variances are typically booked to a COGS account. When there is a discrepancy between the Purchase Order/Item Receipt balance, NetSuite has a procedure to deal with this. The best way is to use the setting "match bill to receipt" on all items. Then the item receipt lines are linked to the vendor bill lines. There is an action called "Post vendor bill variances" which lets NetSuite do the booking for you, based on the variance accounts set on your item. If you don't go with that, you could book it as a cost/negative cost to a COGS account with 2600 as counter-account together with a stock revaluation (if you haven't sold them yet). In cases where the invoice arrives very late and the stock is sold out, the variance goes to COGS using a journal. If the stock is lesser than the inbound, a partial adjustment is done and the difference goes to COGS. ****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ******