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How do responsibilities and levels of authority change as one moves up the hierarchy?
Work in Process
Inventory items that are currently in the midst of the production process, not yet completed goods.
Standard Costs
Predetermined costs for products or services, used for budgeting and measuring performance against actual costs.
Raw Materials
These are the basic substances in their natural, modified, or semi-processed state, used as an input to a production process for manufacturing.
Standard Costs
Predetermined or estimated costs used to compare against actual costs, serving as a benchmark for measuring financial performance.
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