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Cost Of Goods Sold
The cost of merchandise sold recognized as an expense; the cost of finished goods available for sale minus the ending finished goods inventory.
Inventory
Inventory consists of the goods and materials a business holds for the purpose of resale or production, including raw materials, work-in-progress, and finished goods.
Conversion Costs
The sum of direct labor costs and manufacturing overhead costs, representing the costs to convert raw materials into finished goods.
Planned Production
The forecasted or scheduled production activities based on demand, inventory levels, and capacity planning to meet business objectives.
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