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Process Costing
A costing methodology used in manufacturing where costs are assigned to processes or departments, suitable for homogeneous products.
Job-Order Costing
A costing system used in situations where many different products, jobs, or services are produced each period.
Breakfast Cereal
A food product made from processed grains that is often eaten as a first meal of the day with milk.
Conversion Costs
Costs incurred during the transformation of raw materials into finished products, primarily including direct labor and manufacturing overhead.
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