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Finished Goods
Products that have completed the manufacturing process and are ready for sale to customers.
Work in Process
Inventory account representing goods that are in various stages of the production process but are not yet completed goods.
Factory Overhead Rates
A measure used to allocate the costs of operating a factory, which cannot be directly tied to specific units produced, over the units produced.
Direct Labor Hours
The total hours worked by employees who are directly involved in producing goods or providing services.
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