How Does Work in Progress Effect the Balance Sheet?

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Tip 1 - How Does Work in Progress Affect the Balance Sheet?

Published: 9 years, 7 month(s) ago | Submitted by Jesse Needleman | permalink

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]

Tip 2 - How Does Work in Progress Effect the Balance Sheet? | eHow

Published: 9 years, 7 month(s) ago | Submitted by Robert Karlson | permalink

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]

Tip 3 - Work In Progress (WIP) Definition | Investopedia

Published: 9 years, 7 month(s) ago | Submitted by scott menchin | permalink

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]

Tip 4 - What is Construction Work-in-Progress? | AccountingCoach

Published: 9 years, 7 month(s) ago | Submitted by cb 2250 | permalink

What is Construction Work-in-Progress?

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

Tip 5 - Work in Progress • The Strategic CFO

Published: 9 years, 7 month(s) ago | Submitted by Alicia chambers | permalink

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]