How Does Work in Progress Effect the Balance Sheet?

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How Does Work in Progress Effect the Balance Sheet? – This is a place for the community to provide tips and advice on How Does Work in Progress Effect the Balance Sheet?. This topic was created by Inpact Sidious and the tips are provided by the community. The tips you add here can be your own or referred from another site. The best tips are then ranked at the top when up-voted by members of the community.

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How Does Work in Progress Affect the Balance Sheet? More
Published: 9 years, 7 month(s) ago by Jesse Needleman | permalink
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For a manufacturing company, work in progress is created when items are part-way through the production process. WIP usually consists of three elements -- raw materials, direct labor and applied ...

For further reading: http://smallbusiness.chron.com/work-progress-affect-balance-sheet-68470.html ^[1]

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How Does Work in Progress Effect the Balance Sheet? | eHow More
Published: 9 years, 7 month(s) ago by Robert Karlson | permalink
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Work-in-Progress is an inventory item found in most manufacturers' financial reporting. It is an important piece of the manufacturing process because cost overruns will usually occur in this stage of production. Work-in-Progress is also found in other industries or professions, but not as an inventory item.Resources for reporting Work-in-Progress...

For further reading: http://www.ehow.com/about_5104021_work-progress-effect-balance-sheet.html ^[2]

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Work In Progress (WIP) Definition | Investopedia More
Published: 9 years, 7 month(s) ago by scott menchin | permalink
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Material that has entered the production process but is not yet a finished product. Work in progress (WIP) therefore refers to all materials and partly finished products that are at various stages of the production process. WIP excludes inventory of raw materials at the start of the production cycle and finished products inventory at the end of the production cycle.
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For further reading: http://www.investopedia.com/terms/w/workinprogress.asp ^[3]

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What is Construction Work-in-Progress? | AccountingCoach More
Published: 9 years, 7 month(s) ago by cb 2250 | permalink
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What is Construction Work-in-Progress?

For further reading: http://www.accountingcoach.com/blog/construction-work-in-progress-2 ^[4]

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Work in Progress • The Strategic CFO More
Published: 9 years, 7 month(s) ago by Alicia chambers | permalink
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In accounting, a work in progress (WIP) account is an inventory account that includes goods that are in the process of being produced but are not yet finished.
For further reading: http://strategiccfo.com/wikicfo/work-in-progress/ ^[5]

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Category: Fun | 9 years, 7 month(s) ago

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scott menchin, Jesse Needleman, Robert Karlson, cb 2250, Alicia chambers

References & Citations

1. http://smallbusiness.chron.com/work-progress-affect-balance-sheet-68470.html

2. http://www.ehow.com/about_5104021_work-progress-effect-balance-sheet.html

3. http://www.investopedia.com/terms/w/workinprogress.asp

4. http://www.accountingcoach.com/blog/construction-work-in-progress-2

5. http://strategiccfo.com/wikicfo/work-in-progress/