ECONOMICS

Detailed explanation-1: -Goods-in-process is part of an inventory account on the balance sheet of a manufacturing company. It relates to partially completed goods that are somewhere in the manufacturing process and not yet ready for sale. Goods-in-process is also known as “work-in-process” or “work-in-progress."

Detailed explanation-2: -What Is a Work-in-Progress (WIP)? The term work-in-progress (WIP) is a production and supply-chain management term describing partially finished goods awaiting completion. WIP refers to the raw materials, labor, and overhead costs incurred for products that are at various stages of the production process.

Detailed explanation-3: -Finished goods inventory comprises all the items that make it through the entire production process and are considered finalized products. These products have been inspected and are ready to be sold.