Work in Process Inventory definition

Work in Process Inventory means all inventory used in the Business which is to be sold to an identified customer of the Company following the Closing, pursuant to an existing order which is binding on such customer as of the Closing Date. The Inventory Purchase Price shall be paid at the same time and in the same manner as the Initial Purchase Price.
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Work in Process Inventory means the work undergoing a manufacturing process (e.g., parts and subassemblies in the process of becoming completed assembly components or finished goods) or the work undergoing a development process (e.g., labor, material and overhead accumulated toward customer milestones and released to finished goods/cost of sales upon milestone completion.
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Work in Process Inventory means "work in process", as that term is customarily used in the tool and die industry. In any event, Work in Process Inventory shall include "Contracts in Process" and shall not include "Inventories", as such asset categories historically have been identified on the Borrower's balance sheet.
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Examples of Work in Process Inventory in a sentence

  • Job cost systems have one Work in Process Inventory account for each job.

  • Process cost systems have a Work in Process Inventory account for each department or process.Exhibit 1 shows the cost flows in a process cost system that processes the products in a specified sequential order.

  • Process costing accumulates costs by process or department.• Work in Process Inventory accounts.

  • As to each item of Inventory that is identified by Borrowers as Eligible Finished Goods Inventory, Eligible Work in Process Inventory, or Eligible Raw Materials Inventory in a Borrowing Base Certificate submitted to Agent, such Inventory is (a) of good and merchantable quality, free from known defects, and (b) not excluded as ineligible by virtue of one or more of the excluding criteria (other than any Agent-discretionary criteria) set forth in the definition of “Eligible Inventory”.

  • Then, they transfer the costs to a Work in Process Inventory account.• Both job and process cost systems use predetermined overhead rates (defined in Chapter 18) to apply overhead.Job costing and process costing systems also have their significant differences:• Types of products produced.


More Definitions of Work in Process Inventory

Work in Process Inventory means gold ounces that are no longer on the heap xxxxx pads at the Mine but have not yet become Finished Products;
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Work in Process Inventory means all of Seller's work-in-process inventory, including sweepings at the Acquired Factories.
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Work in Process Inventory means all items of Seller's good and saleable in the ordinary course of business, (as such terms are defined by GAAP) work in process relating to the Business, including raw material inventory, detail inventory and parts in production.
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Work in Process Inventory means i) products the manufacture of which has not been completed and the raw material of which has been issued out of stock and are in the manufacturing process on the Closing Date and ii) all of the products in and for a "Backlog Job" (as hereinafter defined) the manufacture of which has been completed and which products [A] have not been shipped to the respective customers as of the Closing Date, and [B] are listed on Schedule 2.2a) attached hereto and made a part hereof ("Backlog Finished Goods Inventory"),
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Work in Process Inventory means Eligible Inventory that is neither raw materials nor first-quality finished goods.
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Work in Process Inventory has the meaning given to such term in the Revolving Credit Agreement as in effect on the Closing Date.
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Work in Process Inventory means all Inventory that has been classified as "work-in-process" Inventory in a manner consistent with the Company's current and historical practices, as reflected in its general ledger; provided that the items included within Work-In-Process Inventory shall be consistent with the methodology used in the most recent Inventory Appraisal; and provided further that, in the event that the Company becomes the owner of a Subject Business, the Inventory of such Subject Business shall not be included in Work-In-Process Inventory until (i) the Company owns such Inventory directly and free and clear of Liens other than Permitted Encumbrances and (ii) a supplemental Inventory Appraisal and Field Examination (which shall not be counted for purposes of the limits on the number of updates to the Inventory Appraisal and Field Examination required under subsection 6.11) shall have been performed with respect to such Inventory, with the scope and procedures associated with such Inventory Appraisal and Field Examination to be consistent with the scope and procedures associated with the initial Inventory Appraisal and Field Examination.
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