Work-In-Process
Work in process, work in Progress, over-stock, over-stocked, procured goods, or simply finished products in process are the partially completed goods waiting for full production and eventual distribution or sale. These products may be either still being manufactured or still waiting on additional processing in either a buffer or a supply line. Work in Process is any goods in processing that are waiting on manufacturers to complete them for sale. Work in Progress is any good in a processing plant that is waiting on machinery to finish it before being distributed. Over-stocked refers to any good in a plant that has been manufactured to capacity and is still being sold by the manufacturer or supplier but at a higher price than its retail price.
Work In Process can also refer to any goods in transit, including finished products and those still undergoing processing. Any good that is not yet sold and is being returned to customers is considered to be over-stocked and is being moved out of the production area to make room for new inventory. Likewise, any goods not being used in production but being returned to the company because of poor performance or other reasons is considered to be under-stocked and is also moving out of the production area to make room for new inventory. Both forms of Work In Process are equally important, although the later is often considered to be more important to the actual bottom line as it tends to take more time to bring in new goods and to process them into finished goods for sale.
Work in Process inventory refers to any good that is undergoing final processing before being made available to end users. Components of this process include finalizing manufactured products, including raw materials, components, and manufactured parts, in addition to final finishing touches such as laminates, paints, dyes, and plastics. Any good that is not part of the manufactured goods in process and that is not final is referred to as raw material. Components, including fabricated parts, are items that have been machined, drilled, drawn, or drawn to specific sizes or specifications. Lastly, final finishing touches such as lamination and painting, as well as plastics such as polyester and ethylene are all items that have been machined, drilled, drawn, or created to specific dimensions and specifications.
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