In-process inventory is work that has begun production in a manufacturing company but that has not yet been completed. It is an important concept for accounting departments because they have to ...

Work-in-process inventory refers to the partially completed materials within a production line. According to the team at Accounting Tools, this term considers the cost of raw materials, direct labor ...

Tim Smith has 20+ years of experience in the financial services industry, both as a writer and as a trader. Eric's career includes extensive work in both public and corporate accounting with ...