Question

Closing balance of work in process is a part
of​

Answer 1

Answer:

Work in Process Overview

Explanation:

Work in process inventory is an asset The ending work in process inventory is simply the cost of partially completed work as of the end of the accounting period. Ending WIP is listed on the company's balance sheet along with amounts for raw materials and finished goods.

Answer 2

Closing balance of work in process is a part  of​ inventory.

• Work in the process is a part of an extensive inventory and represent an valuable asset.

• As of the end of the accounting period, the end of work in process inventory represents in fact the expense of partially completed work, which are then recorded.

• Ending work in progress amounts for the raw materials and finished products and are accurately reported on the established enterprise's balance sheet.