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Which, if any, of the following statements is incorrect?
Inventory Balance
Indicates the amount or value of inventory on hand at any given point in time, factoring in additions, subtractions, and adjustments.
Raw Material
The basic substance in its natural, modified, or semi-processed state, used as an input to a production process for manufacturing.
Closing Inventory
The quantity and value of stock on hand at the end of an accounting period.
Direct Material
Raw materials that can be directly attributed to the production of goods.
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