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Raw Materials
Fundamental components or substances used at the beginning of the production process to manufacture goods.
Raw Material Costs
The total expense incurred for materials that are used in the production of goods or services.
Beginning Inventory
The value of the total goods available for sale at the start of an accounting period.
Ending Inventory
The worth of products ready for purchase at the conclusion of a financial period, determined by adding the initial inventory to acquisitions and subtracting the cost of goods sold.
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