Examlex
As the world's top provider of computer products and services, IBM
Work in Process
Inventory that includes goods in the midst of the production process, between raw materials and finished goods stages.
Cost of Goods Sold
The direct costs attributable to the production of the goods sold by a company, including materials and labor costs.
Predetermined Rate
An estimated rate used to apply manufacturing overhead costs to products, calculated before the actual overhead costs are known.
Direct Labour Cost
The expense associated with workers who are directly involved in the production of goods or services, distinguished from indirect labor costs like supervision and maintenance.
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