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Beginning Work in Process Inventory
Beginning work in process inventory refers to the valuation of materials, labor, and overhead costs that have been partially completed but are not yet finished goods at the start of an accounting period.
Ending Work in Process Inventory
The value of goods in production but not yet completed by the end of an accounting period.
Cost of Goods Manufactured
The total cost incurred by a company to produce goods, including raw material, labor, and overhead costs, in a specific period.
Direct Labor Cost
The total cost of employing workers who are directly involved in the manufacture of goods or the provision of services.
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