Work in process(new) [supply chain]
Work in process includes the set at large of unfinished items for products in a production process. These items are not yet completed but either just being fabricated or waiting in a queue for further processing or in a buffer storage.
Work-In-Process in construction accounting identifies the value of construction projects which are currently being worked on by the construction firm. To properly account for each project, FOUR values are needed for each project at the end of any given month (or period):
the Sales Price (excluding sales tax) for the project,
the total Cost Estimate for the project,
the Costs-To-Date,
the Billed-To-Date.
(Managerial Accounting: A Focus on Ethical Decision Making Author: Steven R. Jackson,Roby B. Sawyers,J. Gregory Jenkins p.135-137)
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