Work-in-process inventory
Work-in-process inventory is goods partially worked on but not yet completed. Also called work in progress.
Definitions
According to Cost Accounting by Horngren, Datar, Rajan (14th edition),
- Work-in-process inventory. Goods partially worked on but not yet completed. Also called work in progress.
According to Managerial Accounting by Braun, Tietz (5th edition),
- Work-in-process inventory (WIP inventory). Goods that are partway through the manufacturing process but not yet complete.