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.

work in progress

any 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.