Which of the following best describes work-in-process inventory?

Work-in-process inventory refers specifically to the items that are in the manufacturing process but have not yet been completed. This includes all costs incurred to date for those products, such as materials, labor, and overhead, that are still in the production phase.

In a manufacturing context, work-in-process inventory is crucial for understanding production efficiency and operational costs. It captures the value of all partially finished goods, which can provide insights into production timelines and financial metrics related to manufacturing.

The other options describe different stages of inventory. Products that are completed and ready for sale relate to finished goods, while raw materials waiting to be manufactured are categorized as raw materials inventory. Finished goods that have not yet been sold are also in a separate category, distinct from work-in-process. Thus, option C accurately identifies the nature of work-in-process inventory.