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What were the consequences of European exploration?
Work in Process Inventory
Represents the value of unfinished goods that are in the process of being manufactured.
Variable Manufacturing Overhead
Costs in manufacturing that vary with the level of production output, such as utilities and commissions.
Work in Process Inventories
Goods that are in the process of being manufactured but are not yet completed, representing a stage between raw materials and finished goods.
Standard Cost System
A cost accounting method that assigns expected costs to each unit of product to help managers assess actual performance.
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