Examlex
Which of the following is FALSE?
Costs
Expenses incurred by a business or individual in the production, maintenance, or purchase of goods and services.
Cost Of Goods Sold
The cost of merchandise sold recognized as an expense; the cost of finished goods available for sale minus the ending finished goods inventory.
Inventory
Inventory consists of the goods and materials a business holds for the purpose of resale or production, including raw materials, work-in-progress, and finished goods.
Conversion Costs
The sum of direct labor costs and manufacturing overhead costs, representing the costs to convert raw materials into finished goods.
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