Work in progress items (i.e., the construction of a new warehouse or specialized piece of equipment) may be very specific to a company and hold little to no value to other market participants.

The value of work in progress in inventory includes both the raw materials that have been used and the direct labor costs -- the "man hours" that have gone into production.

A work in progress refers to a task or project that is still in production. As such, it hasn't been completed yet. Companies record WIP costs on their balance sheets under the current assets section.