Work in process is the term used to describe partially completed goods, which are typically turned from raw materials to finished products within a short period. The figures for both work in progress and work in process are listed on a company's balance sheet.

What is an example of work in process?

For some, work-in-process refers to products that move from raw materials to finished product in a short period. An example of a work-in-process may include manufactured goods. ... This account of inventory, like the work-in-progress, may include direct labor, material, and manufacturing overhead.

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.