An example of a work in process may include manufactured goods that take less an a full accounting cycle to normally complete. These goods are also referred to as goods-in-process, and for some, work in process refers to products that move from raw materials to finished product in a short period. Work in process represents partially completed goods. Manufacturing companies are more likely to use work in process, while construction companies are more likely to use work in progress.Accounting treatment for the two vary, as work in process is usually reported as a current asset (associated with raw materials inventory) while work in progress is usually reported as a non-current asset. Purpose The purpose of this paper is to study the relationship between inventory performance, both total inventory (INV) and its discrete components (raw material (RMI), work-in-process (WIP), and nished goods (FGI)), and nancial performance in manufacturing companies.The figures for both work in progress and work in process are listed on a company's balance sheet.
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