Overview

work in progress


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(WIP)

Partly manufactured goods or partly completed contracts. For accounting purposes, work in progress is normally valued at its cost by keeping records of the cost of the materials and labour put into it, together with some estimate of allocated overheads. In the case of long-term contracts, the figure might also include an element of profit. In the USA the usual term is work in process.

Subjects: Financial Institutions and Services — Accounting.


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