Real-Time Work-in-Progress Figures — Construction’s Secret Weapon
ProcurementExpress.com
JANUARY 2, 2019
WIP figures refer to products that are part-way through the production or assembly process. In the construction industry, WIPs cover the raw materials, plus labor and overhead, used as part of a project. WIP is one element of an inventory account. From an accounting perspective, WIP represents an asset on the balance sheet.
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