Work-In-Progress (WIP) is an accounting entry on a company’s balance sheet referring to the money spent on materials, processes, and labor to manufacture a product.
It is calculated as a sum of the following three elements used to fashion a product or service: cost of materials used in the production process, labor expenses for the product as it moves through partial completion stages, and overhead costs incurred in making the final product.
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0:00 Work In Progress (WIP) Definition
1:07 Calculation of the Total Work-in-progress Cost
1:38 WIP Formula
2:06 Work In Progress and Work in Process
2:32 WIP Question & Applicatioin
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