Question

Inventory including all the materials being currently worked on is referred to as which type of inventory?

1) Raw materials
2) Work-in-process (WIP)
3) Finished goods
4) In-transit

Answer 1

Work-in-process (WIP) inventory is the inventory including all the materials currently being worked on.

Step-by-step explanation:

The inventory including all the materials currently being worked on is referred to as Work-in-process (WIP) inventory. Work-in-process inventory, also known as progress inventory, consists of partially completed goods that are still in the production process. These goods have not been completed and are still undergoing some form of manufacturing or assembly.