Work in Process WIP Inventory

>> YOUR LINK HERE: ___ http://youtube.com/watch?v=c3vRSVOgwsE

This video discusses Work-in-Process Inventory. • Manufacturers have three types of inventory: Raw Materials Inventory, Work-in-Process Inventory, and Finished Goods Inventory. Work-in-Process Inventory consists of partially-built units. An example would be a partially-constructed house for a home builder. Raw materials have been added and labor is being done, but the product is not yet finished and ready for sale. • Once the product is completed, the costs will be transferred from Work-in-Process Inventory to Finished Goods Inventory. When the product is ultimately sold, the costs in Finished Goods Inventory will be expensed through Cost of Goods Sold. • — • Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. • Edspira’s mission is to make a high-quality business education accessible to all people. • — • SUBSCRIBE FOR A FREE 53-PAGE GUIDE TO THE FINANCIAL STATEMENTS OTHER FREE GUIDES • http://eepurl.com/dIaa5z • — • MICHAEL’S STORY • https://www.edspira.com/about/ • — • LISTEN TO THE SCHEME PODCAST • Apple Podcasts: https://podcasts.apple.com/us/podcast... • Spotify: https://open.spotify.com/show/4WaNTqV... • Website: https://www.edspira.com/podcast-2/ • — • CONNECT WITH EDSPIRA • Website: https://www.edspira.com • Instagram: / edspiradotcom • LinkedIn: / edspira • Facebook: / edspira • Reddit: / edspira • *TikTok: / edspira • — • CONNECT WITH MICHAEL • LinkedIn: / prof-michael-mclaughlin • Twitter: / prof_mclaughlin • Instagram: / prof_mclaughlin • Snapchat: / prof_mclaughlin • *TikTok: / prof_mclaughlin • — • HIRE MCLAUGHLIN CPA • Website: http://www.MichaelMcLaughlin.com/hire-me

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