What is Work in Progress? 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. This account represents the costs of resources used but not yet turned into completed products. Also refer to the work in progress
See Also: Inventory Turnover Ratio Perpetual Inventory System Just in Time Inventory System Inventory to Working Capital Analysis Value Drivers: Building Reliable Systems to Sustain Growth Just in Time Inventory System Definition The just in time inventory system, or JIT, is a system of managing inventory that is designed to improve efficiency and reduce waste
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