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Use the following figure to answer the question.
"Rare events" can help us understand evolutionary events, as shown in the figure. Which of the following statements explains the logic of this approach?
Cost of Goods Manufactured
The total production cost of goods completed during a specific period.
Work in Process Inventory
The value of unfinished goods in the manufacturing process, including materials, labor, and overhead costs accrued.
Indirect Materials
Indirect materials are supplies used in the production process that do not become an integral part of the finished product and are not directly traceable to specific goods or services produced.
Raw Materials
The basic materials and inputs used in the production process to manufacture finished goods.
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