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Under a perpetual inventory system acquisition of merchandise for resale is debited to the
Work in Process
Inventory that includes all the materials, labor, and overhead costs for products that are in the production process but not yet completed.
Property, Plant, and Equipment
Tangible long-term assets used in the operation of a business, such as buildings, machinery, and equipment.
Standard Costs
The estimated costs of materials, labor, and overhead allocated to produce a product or perform a service under normal conditions.
Direct Labor-Hours
The total hours worked by employees who are directly involved in the production process.
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