A few options exist for manufacturers in accounting for work-in-process inventory, but LIFO and FIFO are the two most common. LIFO stands for last-in, first-out.

Work in process is an asset account used to report inventory items not yet completed. A company has started taking raw materials and converting them to a finished product to sell.

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Work-in-process inventory is calculated at the end of each accounting period. This figure is the ending work-in-process inventory for that quarter, year or whichever accounting period.