Examlex
Instructions: Please define the following key terms.
-American Revolution
Work In Process
Inventory that includes items currently being manufactured but not yet completed.
Units
The individual items or product quantities produced or sold by a business.
FIFO Method
An inventory valuation method that assumes items purchased or produced first are sold first, and the newer inventory remains unsold.
Equivalent Units
Equivalent units are used in cost accounting to express the amount of work done on incomplete products in terms of fully completed units of output.
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