How to Calculate Work in Progress

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Tip 1 - How to Calculate Manufacturing Work in Progress

Published: 9 years, 3 month(s) ago | Submitted by Christophe CARDE | permalink

Costs are incurred by a manufacturing firm as it transforms materials into work in process and, ultimately, to finished products. The manufacturing firm consumes raw materials, labor and factory ...

For further reading: http://smallbusiness.chron.com/calculate-manufacturing-work-progress-10439.html ^[1]

Tip 2 - What is the ending work in process formula? - Questions & Answers - AccountingTools

Published: 9 years, 3 month(s) ago | Submitted by mky | permalink

Work in process (WIP) is inventory that has been partially completed, but which requires additiona...

For further reading: http://www.accountingtools.com/questions-and-answers/what-is-the-ending-work-in-process-formula.html ^[2]

Tip 3 - How to Calculate Work in Process | eHow

Published: 9 years, 3 month(s) ago | Submitted by Leslie Yldefonzo | permalink

A manufacturing company converts raw materials and purchased components into an inventory of finished goods. Work in process is an intermediate step in which inputs -- direct materials, labor and overheard -- have been partially converted to finished goods. The ending balance in the WIP account is the value of partially completed inventory as of...

For further reading: http://www.ehow.com/how_4424068_calculate-work-process.html ^[3]

Tip 4 - Work In Progress (WIP) Definition | Investopedia

Published: 9 years, 3 month(s) ago | Submitted by O Suites | 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 ^[4]