Work in Process Inventory – What Is WIP and How To Calculate it?

We have all seen manufacturing depicted in cartoons. Basic resources are rolled into a factory, followed by loud noises and a smoking chimney. Then, shiny finished products emerge on the other side. In reality, manufacturing is a bit more complex. On their journey toward becoming final products, raw materials go through work in process inventory. In this post, we look at what WIP is and how to account for it.

You can learn more about it from this episode or read the article here

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