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Cost Reconciliation Report
A financial document used to reconcile and explain the differences between the cost of beginning and ending inventories in the manufacturing process.
Equivalent Units
A concept in cost accounting used to estimate the amount of finished goods produced from raw materials and partial productions.
Units Transferred Out
In a production or manufacturing process, this refers to the number of units completed and moved out of a process or department during a given period.
Weighted-Average Method
An inventory costing method that calculates the cost of goods sold and ending inventory based on the average cost of all items available for sale during the period.
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