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/oa/ is an example of a vowel digraph.
FIFO Method
An inventory valuation method that assumes goods purchased first are the first sold, standing for "First-In, First-Out."
Conversion Costs
The total expenses of direct labor together with manufacturing overheads spent in transforming raw materials into completed products.
Process Cost Accounting System
A bookkeeping mechanism for distributing costs among similar items that are produced in large scale and without interruption.
Equivalent Units of Production
A concept in cost accounting used to assign costs to partially completed goods, calculated by taking the number of units in the production process and converting them into a number of completed units.
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