work in progress
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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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
work in progressany goods that are still in the process of being made up into their final form. Work in progress together with raw materials and STOCKS of finished goods constitute INVENTORY INVESTMENT.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson