Accounting Dictionary

Work in Progress Inventory

Work in Progress is one of the 3 inventory accounts used by a manufacturing concern.

Let’s say we are working in a shoe factory. If we have leather in a warehouse that we hope to someday use to make shoes, the leather is raw materials inventory. The shoes that are partially complete are Work in Progress Inventory, and the shoes that are finished and ready to be sold are Finished Goods Inventory.

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