Work in process,

Definition of Work in process:

1. Contracting: Partly completed jobs valued at total cost up to the stated period and including, in case of long-term contracts, a percentage of the profit.

2. Manufacturing: Partially completed goods, parts, or subassemblies that are no longer part of the raw materials inventory and not yet part of the finished products inventory. Work in process inventory forms a part of the working or current assets of a firm and is valued usually at lower of cost and realizable value. Also called work in progress, goods in process.

How to use Work in process in a sentence?

1. Half of ABC Companys inventory is tied up in work in process so they have to rent more storage for new supplies and materials.
2. You need to always know where a work in process stands so that you can be prepared for the release of it.
3. Upon audit, we recently discovered that we had incorrectly expensed certain items that are more properly attributed to manufactured goods that are a work in process .