For a manufacturer, manufacturing costs incurred to date for goods in various stages of production, but not yet completed is:

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Merchandise Inventory refers to inventory held by a merchandising operation. Finished goods are goods completed, but still on hand, while Work in Process are goods which have been started and are in various stages of production, but are not yet completed. Materials are items which have been purchased and on hand to be used in the manufacturing process, but have not yet been issued into production.

For a Manufacturer, Manufacturing Costs Incurred to Date for Goods