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Work in Process Inventory includes the cost of goods which are only partially completed. all goods...

Work in Process Inventory includes the cost of

goods which are only partially completed.
all goods sold during the period.
all materials purchased during the last period.
all goods which are completed and ready to sell.
Business   Accounting   
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Answer #1

Work-in-process inventory is materials that have been partially converted through the production process. The cost of work-in-process typically includes all of the raw material cost related to the final product, Also, a portion of the direct labor cost and factory overhead will also be assigned to work-in-process

Work-in-process inventory is also called work-in-progress inventory or WIP inventory.

So,

Raw Materials: Basic material and parts used in the manufacturing process

Work in Process: Product costs associated with partially completed units

Finished Goods: Completed units that are unsold

So, Work in Process Inventory includes the cost of goods which are only partially completed.

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