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KLR Oil Company is being investigated, following an explosion on one of their oil rigs. They have multiple prior citations for safety violations, and this explosion killed several workers. The related damages are still unknown and cannot be reasonably estimated. What accounting treatment should KLR use for the investigation?
Raw Materials
The basic materials and components used in the manufacturing process of products.
Budgeted Production
An estimation of the quantity of goods that a company plans to produce over a specific period, based on forecasted demand and inventory needs.
Raw Materials
Basic materials that are used in the manufacturing process to produce finished goods.
Budgeted Production
The anticipated volume of products a company plans to produce within a specific period, as part of its budgeting process.
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