Work in process
Work In Progress is an Extended play[1]by British singer-songwriter Holly Humberstone released on
Tracklisting
The project contains only 4 songs and is approximately 15 minutes and 15 seconds long
1)Dive
2)Down Swinging
3)Work in Progress
4)Easy Tiger
WIP inventory in accounting
WIP inventory refers to goods that are in production and not yet a finished good.[2] On the balance sheet, WIP inventory is aggregated into the inventory line under current assets along with raw materials and finished goods.[3]
To calculate WIP inventory at the end of an accounting period, the following 3 figures are required: beginning WIP inventory, production costs, and finished goods. Beginning WIP inventory is the WIP inventory figure from the previous accounting period. Production costs includes all costs associated with manufacturing a product, such as raw materials, labor, and overhead costs. Finished goods is the total value of goods ready for sale in the current accounting period. The formula for calculating WIP inventory is as follows: beginning WIP inventory + production costs – finished goods.[4]
Tax treatment
In the United Kingdom, HMRC has no specific definition of work-in-process, but three different types of uncompleted items are identified for tax purposes:
- manufactured products
- contracts for services
- construction contracts[5]
References
- ^ McDonald, M. P., Inappropriate Processing: Muda matters in IT, Gartner, published 9 October 2009, accessed 7 March 2023
- ^ "What Work-in-Progress Really Means". Investopedia. Retrieved 2022-07-13.
- ^ Schmidt, Jeff. "Inventory". Corporate Finance Institute. Retrieved 2023-03-07.
- ^ "What is Work in Process (WIP) Inventory & How to Calculate It". Ware2Go. 2021-08-25. Retrieved 2022-07-13.
- ^ HMRC, Business Income Manual, section 33020 - Stock: meaning of: work in progress, accessed 24 January 2018