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Based upon the text, in 2014, the year upon which this case study is based, which statement or statements below is/are true?
Work in Process
Inventory that includes the materials, labor, and overhead costs for products that are in the production process but not yet completed.
Process Cost Report
A document in cost accounting that details the production costs for units processed during a period, including materials, labor, and overhead.
Equivalent Units
A concept used in process costing that converts partially completed units into a number of fully completed units for accounting purposes.
Conversion Costs
Conversion costs are the combined costs of direct labor and factory overhead incurred to convert raw materials into finished goods.
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