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Work In Process
Inventory that includes the materials, labor, and overhead that are in the process of being transformed into finished goods.
Process Cost System
A cost allocation system aimed at similar goods mass-manufactured continuously.
Work In Process Inventory
Inventory that includes all partially completed goods that are still in the production process.
Departmental Costs
Expenses that are directly associated with a specific department within an organization and can be directly attributed to that department's operations.
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