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Work In Process Inventory
Refers to the value of materials and labor invested in products that are partially completed but not yet finished goods.
Raw Materials
Primary materials used in the production of goods, often processed in manufacturing to create finished products.
Process Cost Accounting
An accounting methodology for assigning production costs to units of output, typically used in manufacturing environments where products are identical or similar.
Mass Produced
Items that are manufactured in large quantities using standardized processes and assembly lines.
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