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INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement.
A(n) [ auto loan balance | insurance premium ] would be an example of a current liability.
Finished Goods
Products that have completed the manufacturing process but have not yet been sold or distributed to customers.
Inventory
The goods and materials a business holds for the ultimate goal of resale or processing.
February
Known as the second month in the Gregorian calendar, it has 28 days in standard years and 29 days in years classified as leap years.
Unit Product Cost
The total cost associated with producing one unit of product, calculated by summing all relevant variable and fixed costs.
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