What Is Work-In-Progress (WIP)? | Importance and Examples
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financestrategists.com
What Is Work-In-Progress (WIP)? | Importance and Examples
Work-In-Progress (WIP) is an accounting entry on a company’s balance sheet referring to the money spent on materials, processes, and labor to manufacture a product. It is calculated as a sum of the following three elements used to fashion a product or service: cost of materials used in the production process, labor expenses for the product as ...
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