Define: Work-In-Progress

Business, Legal & Accounting Glossary

Definition: Work-In-Progress

Quick Summary of Work-In-Progress

Cost of partly completed goods or services, intended for completion and recorded as an asset.

What is the dictionary definition of Work-In-Progress?

Dictionary Definition

Work In Progress (WIP) is the balance of partly finished work remaining within a manufacturing operation or a long-term contract at a given time.

It’s normally valued at the lower of cost or net realisable value, using either the average cost of valuation, the first-in-first-out cost or the last-in-first-out cost.

In the US, the term work in process is more commonly used.


Examples of Work-In-Progress in a sentence

Forget work in progress, because work is always in progress.
The purchaser is able to deduct before tax the acquisition cost of trading stock and work in progress.
By implementing the control of materials from purchased parts through work in progress to finished goods, manufacturers can reduce the amount of money tied up in materials.

Synonyms For Work-In-Progress

on-going work, work underway, current work, work under way, work currently under way, WIP

Cite Term

To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

Page URL
Modern Language Association (MLA):
Work-In-Progress. Payroll & Accounting Heaven Ltd. April 05, 2020
Chicago Manual of Style (CMS):
Work-In-Progress. Payroll & Accounting Heaven Ltd. (accessed: April 05, 2020).
American Psychological Association (APA):
Work-In-Progress. Retrieved April 05, 2020, from website:

Definition Sources

Definitions for Work-In-Progress are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 14th January, 2020