Examlex
Analog meters operate on the principle that like magnetic poles attract each other.
Standard Cost
An estimated or predetermined cost of performing an operation or producing a good, used in budgeting and pricing decisions.
Raw Material
Basic materials used in the production process as inputs to create finished goods.
Work in Process
Items that are in the middle stages of production, neither raw materials nor finished goods, reflecting the cost of ongoing manufacturing activities.
Property, Plant, and Equipment
Long-term assets owned by a business for use in production, manufacturing, or administrative functions, not intended for sale.
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