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Match Each Description with the Item Below

question 21

Multiple Choice

Match each description with the item below.
-J. Strom Thurmond


Definitions:

First-In, First-Out

A method of valuing inventory in which the first items bought or manufactured are the first ones to be sold or utilized.

Conversion Costs

The combined costs of direct labor and manufacturing overhead required to convert raw materials into finished products.

Equivalent Units

A term used in cost accounting to indicate a standard amount of work done on an incomplete unit, making it comparable to complete units.

Beginning Inventory

The value of goods available for sale at the start of an accounting period.

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