Examlex
________ inventory is the surplus inventory that a company holds to protect against uncertainties in demand, lead-time, and supply.
Nearest Cent
Rounding a monetary amount to the closest cent, often used in financial transactions to avoid fractions of a cent.
FIFO Process Cost Method
An inventory valuation method that assumes the first items produced or acquired are the first ones sold, affecting production and inventory costs.
Equivalent Units
A concept in cost accounting to express the amount of work done on partially finished goods in terms of fully finished units.
Direct Materials
Raw materials that are directly attributable to the production of goods, forming an integral part of the finished product.
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