The ending work in progress inventory is important for a couple of reasons. Because it is an asset, not calculating the WIP and including it on the firm's balance sheet may cause the total ...

The second is progress inventory, and this refers to partially completed items. The third type of inventory is finished goods. These are any final products ready for purchase.

Often, you will have to calculate work-in-process inventory costs for accounting purposes. ... companies look to either reduce or eliminate work-in-progress inventory before the period ends.