How Do I Calculate Work in Progress?

Answer

To calculate work in progress, separate raw materials and finished products from the materials that are being worked on. Calculate the level of completion for the volumes that are still in production and find the average completion for all the products resulting to each unit having that level of production. Calculate the overheads for production and apply the percentage level of completion of the overhead to the cost of the raw materials.
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How to Calculate Work in Progress
Inventory management is a huge part of maintaining lean and effective operations. From manufacturing to distribution, good inventory management can mean the difference between winning and losing a contract. Recorded as an asset on the balance sheet, work... More »
Difficulty: Moderate
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To calculate work in progress do this by an inventory. This will help you find out the percent of achievement to be able to calculate the work in progress. ...
1. Separate raw materials from work in process. WIP includes all inventory which has been moved to production. The three categories of inventory are Raw Materials ...
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