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Networks,which Are Built on Reciprocal Trust Are Referred to as

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Networks,which are built on reciprocal trust are referred to as


Definitions:

Standard Costs

Pre-determined costs used as a benchmark for evaluating actual production costs within a business.

Raw Material

Basic, unprocessed materials used in the manufacturing process to produce finished goods.

Work in Process

An inventory account that tracks the cost of products that are in production but not yet completed.

Direct Labor

The wages and benefits for employees directly involved in manufacturing a product.

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