Examlex
A budget performance report compares actual results with the budgeted amounts and reports differences for possible investigation.
Materials Cost
The cost of raw materials used to produce goods.
Process Costing
A method of costing that is used in industries where production is continuous and the product is indistinguishable from unit to unit.
Equivalent Units
A concept used in cost accounting to represent the amount of work done on partially finished goods, converted into the number of fully finished units.
Conversion Costs
The combination of labor and manufacturing overhead costs required to transform raw materials into finished products.
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