The direct material costs, the direct labor costs and the factory overhead costs, that have entered into the manufacturing process but are associated with products that have not been finished.
The cost of partially completed products processed in the service departments, such as a partially completed printing job, or partially completed construction projects sometimes referred to as "work in progress".
Work in process is the set of products in various stages of completion throughout the plant, including raw material that has been released for initial processing, up to the completed processed material awaiting final inspection and acceptance as a finished product. [APIC].
is parts and subassemblies in the process of becoming completed finished goods.
The cost of partially completed products manufactured or processed, such as a partially completed printing job.
the work undergoing a manufacturing process, for example, wafers in a Fab or die during packaging.
A good or goods in various stages of completion throughout the plant, including all material from raw material that has been released for initial processing up to completely processed material awaiting final inspection and acceptance as finished goods inventory. Many accounting systems also include the value of semifinished stock and components in this category. Syn: in-process inventory.
Goods in the process of production that have already used an amount of raw materials, labour and other attributable costs.
