work in process inventory definition

It is extremely difficult to assign an accurate cost to a WIP item since there may be many WIP items in various stages of completion as of period-end. Work in process is the term used to describe partially completed goods which are typically turned from raw materials.

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Work in progress is the cost of unfinished goods in the manufacturing process.

. Work in progress is typically measured at the end of an accounting period in order to assign a valuation to the amount of inventory that is on the production floor. To make the accounting process easier some.

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