At any given time, a portion of the inventory in a manufacturing operation is in the process of being transformed from raw materials or components into finished goods. Refereed to as a work in ...

Accountants consider works in progress (WIP) to be current assets because there's a reasonable expectation that such items will become marketable products that can potentially convert into cash within ...

Accountants close the books each month to freeze the data for the period. When the numbers transfer to the general ledger, the accounting activity for the month provides a window for managers to view ...