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Process Cost Summary
A report that outlines the production costs associated with each step of a manufacturing process, typically used in industries where products are mass-produced.
Work In Process Inventory
Items that are in the production process but have not yet been completed or transformed into finished goods.
Direct Labor Cost
The total cost of work performed by employees directly involved in the manufacturing process.
Process Costing System
An accounting method used for mass production of similar products, allocating production costs to products based on the process they go through.