It is false that Work in Process Inventory account is found only in the ledgers of manufacturing companies.
What is work in process?
Work in process refers to goods that are still being manufactured-not yet completed goods. This means that the goods are not yet fully produced but still at the stage of production.
Work in process comprises all inventory ranging from the beginning stage between raw materials inventory to be used and final products.
Hence, It is false that Work in Process Inventory account is found only in the ledgers of manufacturing companies.
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