Work in process,
Definition of Work in process:
Contracting: Partly completed jobs valued at total cost up to the stated period and including, in case of long-term contracts, a percentage of the profit.
Manufacturing: Partially completed goods, parts, or subassemblies that are no longer part of the raw materials inventory and not yet part of the finished products inventory. Work in process inventory forms a part of the working or current assets of a firm and is valued usually at lower of cost and realizable value. Also called work in progress, goods in process.
How to use Work in process in a sentence?
- Half of ABC Companys inventory is tied up in work in process so they have to rent more storage for new supplies and materials.
- You need to always know where a work in process stands so that you can be prepared for the release of it.
- Upon audit, we recently discovered that we had incorrectly expensed certain items that are more properly attributed to manufactured goods that are a work in process .
Meaning of Work in process & Work in process Definition