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Conversion Costs
Refers to the combination of direct labor and manufacturing overhead costs incurred to convert raw materials into finished products.
Weighted-Average Method
An inventory costing method that assigns a cost to inventory on the basis of the average cost of all similar items in the inventory.
Molding Department
A specialized division within a manufacturing facility where the shaping and forming of products through molding processes take place.
Weighted-Average Method
A costing method that averages the costs of all units, both in progress and completed, over the period to determine the cost per unit.
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