work in process
Definition 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.
Definition 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.
work in process is in the Accounting & Auditing, Agreements & Contracts and Industries, Manufacturing, & Technology subjects.
work in process appears in the definitions of the following terms:
work in process inventory,
goods in process,
active inventory,
machine hour,
current asset,
inventory process,
level load,
overapplied overhead,
stock norm,
working asset
and
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