Examlex
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Process Cost System
An accounting methodology used for homogenous products that accumulates costs in each process or department and assigns them to units of product evenly.
Production Cost Reports
Documents summarizing the costs associated with production processes, including materials, labor, and overhead.
Equivalent Units
A concept used in cost accounting to express the amount of materials consumed or labor utilised in terms of fully completed units.
Raw Materials
The basic materials from which a product is made, which are processed in a manufacturing operation to complete a finished good.
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