When manufacturing overhead costs are assigned to production in a process cost system, they are debited to a work in process account.
Production and supply-chain management terms for partially finished goods that are awaiting completion include "work-in-progress" (WIP). Raw materials, labor, and overhead expenses expended for goods that are in different phases of manufacturing are referred to as "work in progress," or WIP.
On the balance sheet, WIP is a part of the asset account for inventory. The finished goods account receives these costs after which they are ultimately passed to the cost of sales.
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