WORK IN PROCESS Definition

Bookmark and Share

WORK IN PROCESS is parts and subassemblies in the process of becoming completed finished goods.

Learn new Accounting Terms

MARGINAL COST is a calculation showing the change in total cost as a result of a change in volume, e.g. if one more item of output increases the total cost by $25, the marginal cost is $25. It is usually useful to determine marginal cost because it can aid in determining if the rate of production should be altered.

DESIGNATED is something selected or named for a duty, e.g., designated receipts.

Suggest a Term

Enter Search Term

Enter a term, then click the entry you would like to view.