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In 2011 a program named Watson running on an IBM supercomputer
Conversion Cost
The total cost of converting raw materials into finished products, combining both direct labor costs and manufacturing overhead.
Work in Process-Assembly Department
Inventory that is in the process of being manufactured but is not yet complete.
Equivalent Unit
A concept used in cost accounting to represent a partial unit of production, allowing for the calculation of costs for partially completed goods.
First-In, First-Out
An inventory valuation method where the first items placed in inventory are the first ones sold, used primarily for cost flow assumption purposes.
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