Which of the following is the definition of work in progress inventory?

Which of the following is the definition of work in progress inventory?
A . Inventory that has finished the production process
B . Inventory introduced into production but not completed as of the stocktake date
C . Inventory not yet introduced into the production process
D . Obsolete inventory

View Answer

Answer: B

Explanation:

Work in progress is the stock part-way through a manufacturing process; in the service sectors the term is also used for anything between order and delivery.

Reference: CIPS study guide page 83

LO 2, AC 2.1