The term work-in-progress (WIP) is a production and supply-chain management term describing partially finished goods awaiting completion. ... These costs are subsequently transferred to the finished goods account and eventually to the cost of sales. WIPs are one of the components on a company's balance sheet.

What are examples of work in progress?

The best example of work in the process is manufactured goods. Work in progress is a term referring to assets that require a sufficient amount of time for completion of the manufacturing process, such as shipbuilding or construction projects.

What does still a work in progress mean?

: a project that is not yet finished The painting is a work in progress.