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Process Costing
A costing method used in manufacturing where costs are assigned to batches or production runs, typically for homogeneous products.
Cost of Goods Completed
This term refers to the total cost incurred to manufacture products that have been completed during a specific period.
Processing Department
A division within a factory where a specific type of production activity or process takes place.
Work in Process
Inventory category referring to goods that are in the process of being manufactured but are not yet completed.
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