Examlex
Once an activity has been classified as passive,it is considered passive with regard to that taxpayer until it is sold.
Equivalent Units
A concept in cost accounting used to allocate costs to partially completed goods, expressed in terms of the amount of finished goods.
Transferred In Costs
Expenses associated with products or components that are moved from one process, department, or location to another within a manufacturing operation.
FIFO Costing
An inventory valuation method that assumes the first items purchased or produced are the first ones sold, affecting the cost of goods sold and ending inventory.
Opening WIP Inventory
The value of unfinished goods that a company has at the beginning of an accounting period.
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