Examlex
__________ refers to heredity and __________ refers to environmental influences.
Direct Labor
The wages and benefits paid to employees who are directly involved in the production of goods or services.
Standard Costs
Predetermined costs for manufacturing goods, used as benchmarks to measure performance.
Average Cost
The total cost divided by the number of units, used to calculate cost of goods sold and ending inventory valuation.
Work in Process
Inventory that includes materials that are currently being processed into finished goods but are not yet complete.
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