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Materials
Items and substances used in the production of goods, including raw materials, components, and parts.
Weighted-Average Method
A cost accounting method that calculates the cost of equivalent units of production by weighting the cost of units transferred out and the cost of the ending work in process inventory.
Processing Department
A production department specialized in a particular process or stage in the manufacturing process, where costs are accumulated.
Process Costing System
A costing method used where similar goods are produced in a continuous process, allocating costs across units produced.
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