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Equivalent Units
A concept in cost accounting used to allocate costs to partially completed goods, treating them as if they were a certain number of fully completed units.
Conversion Costs
The combined cost of direct labor and manufacturing overheads incurred to convert raw materials into finished goods.
Direct Materials
Raw materials that are directly involved in the manufacturing of a product and can be directly associated with the product.
Process Cost Summary
A document that aggregates and summarizes the total costs associated with a specific stage of production in process costing.
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