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Work in Process
Inventory that includes goods that are in the production process but are not yet completed.
Raw Materials
The basic substances in their natural, modified, or semi-processed state used as inputs for manufacturing.
Storeroom
A room or space used to store supplies, materials, and equipment awaiting use in production or operations.
Overapplied Manufacturing Overhead
This occurs when the manufacturing overhead allocated to products exceeds the actual manufacturing overhead costs incurred.
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