Work in Process (WIP)
Parts and subassemblies in the process of becoming completed finished goods. Work in process generally includes all of the material, labor, and overhead charged against a production order which has not been absorbed back into inventory through receipt of completed products.
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3 Types of Inventory (Raw Materials, WIP, and Finished Goods)
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What is WORK IN PROCESS? What does WORK IN PROCESS mean? WORK IN PROCESS meaning & explanation