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Product Costs
Product costs are the expenses directly associated with the production of goods, including raw materials, labor, and manufacturing overhead.
Income Statement
A financial statement that shows a company's revenues, expenses, and profits over a specific period.
Finished Goods Inventory
The stock of completed products that are ready to be sold but have not yet been purchased by customers.
Work in Process
Partially completed goods that are still in the production process at the end of an accounting period.
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