I used Audacity to record several old cassettes and copied them into iTunes as WAV files. I wanted them as WAV files so I could burn them to CDs and play them in various CD players. Now that that’s done I want to convert them from the WAV format into MP3 to save space. I selected the files and tried doing it in iTunes (edit-preferences-import settings [MP3], then Advanced-create MP3 version). It looked like it was working but when I checked the files they were still WAV. Are they stored somewhere else in the itunes program rather than in their original place? Any help will be appreciated. It’s getting expensive. I just replaced my window after throwing the computer out last time. Neighbors are threatening to sue - JUST KIDDING. Trying to maintain my sense of humor!
This is not Apple Support. 
In any version of iTunes I have ever used, the newly converted version appears underneath in the Library, so you should have two identically named files. You can right-click over each > Get Info to see where the file is and the format it is in.
Gale
I can’t find it and I’m not sure that I’m looking in the right spot. I was looking in the far left section that has Library at the top. I looked down in the “Play Lists” section and in the play list folder that the song was originally in. The original WAV track was still there but no new MP3 version.
I discovered that if I right clicked on the track/song which is located in the section that takes up most of the computer screen (Name, Album, Artist, Release Date) a small selection list appears and has an option of “Create MP3 Version”. I clicked on that and up in the window at the top center of the computer screen that has Apple’s “Apple” in it the iTunes program states it’s converting the file. But when it’s finished I can’t fine an MP3 version of the song. Where does it end up at???
The posts in this topic look like their in the wrong order 
Anyhow, see the reply from Gale https://forum.audacityteam.org/t/converting-wav-to-mp3/26174/2