work in process

(redirected from Goods in Process Inventory)
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Work in Process

Products of a company that are in inventory but are incomplete. They are held in inventory while they are completed and made ready for sale. In the accounting of inventory, work in process is recorded under assets and is valued at its cost or realizable value, whichever is less. Just as commonly, works in process are called goods in process.

work in process

The partially finished goods that are held in inventory for completion and eventual sale. Also called goods in process.