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Work in Process
(redirected from Work-in-Process)

    Also found in: Encyclopedia 0.01 sec.
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.
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Given the difference in the ability to trace input costs of these two methods, the valuations of work-in-process and finished goods inventories differ significantly.
Process costing and management accounting in today's business ... by Dosch, Jennifer; Wilson, Joel / Strategic Finance
Recently adding a multi-axis turning center, Precision Process can reduce work-in-process time through the shop, improve accuracy, and at the same time, reduced overall costs.
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Work-in-process materials stay in register to allow disparate production processes such as laminating, de-laminating, diecutting, profile punching, length and cross-cutting, waste extraction, unwinding, rewinding and product delivery to be performed.
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