Enterprise glossary and term center
Research and understand all the intricate terms and definitions that surround the ecosystem of enterprise resource planning (ERP), enterprise software and no-code tools.
- Enterprise terms
- Work-in-Progress Inventory
- What is a work in progress account?
Work-in-Progress Inventory - What is a work in progress account?
The term work-in-progress (WIP) is a production and supply-chain management term describing partially finished goods awaiting completion. ... WIP is a component of the inventory asset account on the balance sheet. These costs are subsequently transferred to the finished goods account and eventually to the cost of sales.