work in process

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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.
References in periodicals archive ?
The WIP Awards in all other categories are based on the rankings of the World economic forum's "Global Gender Gap Report".
For mixing, 800 x (100% - 50%) = 400 is included for opening WIP in relation to the work done in July; 4,310 is included for paint started and finished in July; 390 x 60% = 234 is included for the mixing done in July in relation to the closing WIP; and 50 is again included for the abnormal loss.
WIP is targeted for an in-service date of March 2015 to coincide with the startup of the Constitution Pipeline.
WIP partner countries serve as a base -via local universities and research institutes -for conducting detailed research, generating a wealth of publications and holding annual conferences that examine the impact of new technologies.
During production process, dynamic and stochastic changes of WIP inventory level complicate the production management.
We are all aware that these are difficult economic times and for WIP to commit to this level of support for the next three seasons is a magnificent gesture.
The WIP data will feed into the Facility Management Software System, the existing data hub that NPS uses to document, manage, and plan efforts related to park assets.
An analysis of the Lean Value Stream helped to identify the amount of WIP and the largest time wasted in the current ASAT data process.
If you're selling a practice with a significant amount of receivables and WIP and want those funds from the first postclosing dollars collected, you're asking the buyer to invest significant capital to pay the overhead and operate the practice for months before starting to participate in cash flow.
The WIP account will capture payments made to contractors during contract performance as well as the value of GFP provided to contractors for use in building the end item.
Business to business communications solutions provider GoodMood has launched its WIP 3.