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Process Costing
An accounting method used when producing identical or similar products, assigning costs based on the processing phase.
Process Inventory
Goods in various stages of production within a manufacturing process, including raw materials, work-in-progress, and finished goods.
Process Costing
A costing method used for homogeneous products, where costs are accumulated for a continuous process and assigned to batches of products.
Lean Production
A manufacturing philosophy that focuses on minimizing waste within manufacturing systems while simultaneously maximizing productivity.
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