Instructions: Identify the Following

question 99

Short Answer

Instructions: Identify the following. Be as specific as possible, and include names, dates, and relevant facts as appropriate. Be sure to explain the significance of the person or term.
George Wallace

---

Definitions:

Cost of Goods Sold

The direct financial outlays for producing the products a company sells, incorporating both labor and material costs.

Cost of Goods Manufactured

The total production cost of goods completed during a specific period, including materials, labor, and overhead costs.

Finished Goods Inventory

Inventory of finished goods awaiting sale but not yet purchased by consumers.

Raw Materials Inventory

The total cost of all parts and materials kept in stock by a company to be used in production.