work in process

Definitions (2)
Related Terms
1. 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.
2. 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.

Use 'work in process' in a Sentence

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.
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Half of ABC Company's inventory is tied up in work in process so they have to rent more storage for new supplies and materials.
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You need to always know where a work in process stands so that you can be prepared for the release of it.
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