3 A B C D E F G H I J K L M N O P Q R S T U V W Y


Work-In-Process (Work in Progress) Inventory (WIP) is the amount or value of all materials, components, and subassemblies representing partially completed production. Raw material and purchased components are usually classified as raw materials inventory; and similarly finished goods are counted separately, but WIP inventory is everything between these two. Value is calculated at plant cost, including material, direct labor, and overhead.