Which term describes goods in various stages of completion at a manufacturing plant?

The term that best describes goods in various stages of completion at a manufacturing plant is "Work-in-process (WIP)." This refers specifically to items that are in the manufacturing process but are not yet finished products. WIP includes materials that have begun the transformation into finished goods but are still being worked on, meaning they are partially completed rather than fully finished or unprocessed.

This distinction is important in manufacturing, as tracking WIP allows companies to monitor progress, manage production efficiency, and better understand their inventory levels. Finished goods refer to fully completed products ready for sale, while raw materials are the basic inputs used in the production process. Inventory encompasses all types of goods held by a company, including raw materials, WIP, and finished goods, but does not specifically identify those in various stages of completion.