WIP, or "work in progress," is a supply chain management phrase used to explain the costs of incomplete goods in the production process. As previously indicated, the term "work-in-progress" is occasionally used to describe assets that will take a long time to complete.
Answer: $0.873
Process of Starting Work 18,000. During the month, manufacture of more units began. 81,000 Less at the end work being done (17,000) and finished and moved-out units for the month 82,000. Moved on to the following department 82,000. Add finishing up 13,600 of the 17,00 units that are 80% complete. 95,600 equivalent units of output. Starting a current project will cost $15,264. Cost additions made during the time 68,208
Cost in full: $83,472
$95,600 in equivalent units of production
$83,472/$95,600 = $0.873 for the total units/equivalent units of production.
The balance in WIP refers to total production costs incurred for partially completed goods. WIP is a concept used to characterize the flow of manufacturing costs from one area of production to another.
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