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Income
The money received by an entity in return for its goods or services, or through investments.
Absorption Costing
A cost accounting method that includes all manufacturing costs - direct materials, direct labor, and both variable and fixed manufacturing overhead - in the cost of a product.
Finished Goods
Products that have completed the manufacturing process and are ready to be sold to customers.
Inventory
Materials and goods held by a business in the process of being sold or used in production processes.
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