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First-In, First-Out Method
An inventory valuation method where goods purchased or produced first are sold or used first, often used in the accounting of inventory costs.
Mixing Department
A section in a production facility where ingredients or components are combined to produce a final product or a mixture.
Equivalent Units
A concept used in cost accounting to standardize the quantity of production output, facilitating the calculation of costs per unit in processes with partial completion.
Process Costing
A cost accounting system used where production occurs through continuous processes or batches, aggregating costs over a specific period to calculate per-unit costs.