2006-06-29 06:51:13 · 5 answers · asked by None 1 in Business & Finance ➔ Other - Business & Finance
WIP is the invenory that has taken some raw materials inventory and partially processed it, but the processing is not complete. when it is complete, the WIP inventory will be reclassed to finished goods inventory.
2006-06-29 06:57:09 · answer #1 · answered by Homer J. Simpson 6 · 0⤊ 0⤋
Work-in-Process inventory (WIP) is the raw materials that are not in the stock room, being under process (added value activities) and have not been finished or transferred to final products.
2006-06-29 07:14:30 · answer #2 · answered by A. Sibai 1 · 0⤊ 0⤋
I think you mean inventory that is in transit, not yet received. Many times the invoice is received before delivery. If this is the case, that inventory must be included as though received. This becomes an asset which offsets payables, debt. Since all invoices may be recorded as payables, this is necessary.
I hope this is your question.
2006-06-29 06:59:01 · answer #3 · answered by ed 7 · 0⤊ 0⤋
work in process aka WIP is the raw material that has been transferred into manufacturing (WIP), but have yet to be completed. Once completed they are transferred from this accounting account to finished goods.
2006-06-29 06:58:10 · answer #4 · answered by Gabriel m 1 · 0⤊ 0⤋
you should purely teach it contained in the variety of a reality. The reality might want to include each of the products needed to achieve on the internet income. they might want to be shown contained in the order. you've to operate some products and from the end result, you've to subtract some products. teach them as additions and deductions respectively. purely placed xxx as a replace of figures. A. Rajagopalan
2016-11-29 23:53:42 · answer #5 · answered by Anonymous · 0⤊ 0⤋