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 ?
Opening WIP: 30 component kits ([pounds sterling]2,460, 100 per cent complete), plus assembly work done in relation to the opening WIP ([pounds sterling]1,650, 50 per cent complete), making a total value of [pounds sterling]4,110.
In this paper, therefore, a discrete simulation model for a certain pre-treatment workshop is developed, and the real-time change of WIP inventory level is dynamically tracked by monitoring the model running.
Once a web visitor is registered, the user will be able to enter in their private WIP site to see restricted information, to start processes, to view the status of the process they have begun, to receive and manage tasks, to see emails received from AuraPortal and change their registration data.
Over time, "the WIP will benefit NPS in several ways," says WIP Project Manager Dave Keough, with the Park Facility Management Division, NPS Washington Office.
To further examine the role of WIP, the research team knocked out the gene responsible for producing it in fruit flies.
Because the templates are pre-linked to the equipment, facilities, personnel, ammunition, and training aid requirements, hundreds of WIP and labor costs are saved.
Once the full cost is derived for an individual asset, the WIP account will be relieved.
Multiple examples of historical inquiry WIPs are available on the main WIP website at edweb.
WIP partners--ABS Foundation, HandiNor, and Atlas Alliance--have decades of experience.
The WIP is capable of operating at pressures up to 100,000 psi (approximately 700 MPa), with control of pressurization and decompression, which result in products of uniform density, reducing internal stresses, cracks, strains, and laminations in the part being processed.
The WIP tablet presses are integrated into a complete system that includes an alpha-beta valve, tablet press, deduster, metal check, automatic tablet check and tablet bin, all of which are contained with isolators in a single system in one process room.
For example, a gasoline engine manufacturer that also manufactures and regularly sells pistons must assign piston WIP items and finished pistons not attached to an engine to the most detailed PPI category that includes pistons.