manufacturing work in progress

manufacturing work in progress refers to inventory that is in the production process but has not yet been completed. Work-in-process (WIP) inventory includes items that have started the manufacturing process but are not yet finished goods ready for sale. WIP is an essential part of managing manufacturing operations as it helps track the stages of production, estimate completion times, and manage overall inventory. It also plays a key role in calculating the costs associated with production, including labor, materials, and overhead.