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An electronics retail chain uses its customer information to select its best customers and targets its promotions at these customers.The retailer also provides personal service to these customers to increase the percentage of their purchases.The retailer is using this strategy on particular customers to increase the:
Conversion Costs
The sum of labor costs and overhead expenses related to the transformation of materials into finished products.
Direct Materials
Raw materials that are directly traceable to the production of specific goods or services and are a significant component of manufacturing costs.
Equivalent Units
A concept used in cost accounting to represent the amount of work done on incomplete units, expressed as the equivalent of a number of fully completed units.
FIFO Method
First In, First Out, an inventory valuation method where goods and materials that are acquired first are sold or used first.
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