Work-in-process inventory refers to the partially completed ... In fact, the beginning work-in-process formula is essentially the ending's formula. This is because both calculations are ...

The inventory turnover ratio is calculated as follows: Cost of goods sold (COGS) is also known as cost of sales. Analysts use COGS instead of sales in the formula for inventory turnover because ...

which leaves an ending work in process inventory of $10,000. This work in process formula yields an estimate, rather than an exact figure. It does not take into account added costs that may be ...