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Home Accounting Dictionary Letter W Work in Progress (WIP) Definition
 
 

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Work in Progress (WIP) Definition:

The items or products not completed at the end of a period are known as work in progress or work in process.

The production cost to be carried down to the trading account is that of production cost of goods completed during the period. If items have not been completed, they cannot be sold. Therefore, they should not appear in the trading account.

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