Work-in-process is considered an asset and is recorded in the inventory line item on balance sheets. It should be the smallest of the main inventory accounts, according to Accounting Tools. Work ...

Work in progress is the costs of unfinished goods in manufacturing, while work in process refers to materials converted to goods in a short period.

For example, if you have a beginning work in process of $50,000 and an ending work in process of $20,000, you would have a total of $70,000. Divide the total by 2 to calculate the average work in ...