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When Dwight Eisenhower sent federal troops into Central High School in Little Rock,
Arkansas,in 1957,it demonstrated that the
Work in Process Inventory
Goods that are in the manufacturing process but are not yet completed.
Manufacturing Costs
The expenses directly related to the production of goods, including raw material, labor, and overhead costs.
Cost of Goods Manufactured
The total production cost of goods that were completed during an accounting period, including labor, materials, and overhead.
Indirect Materials
Materials used in the production process but not directly traceable to a finished product, such as lubricants and adhesives for machinery.
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