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"Crank," "ice," and "speed" are forms of
Product Costs
The total costs associated with making or acquiring any products, including materials, labor, and overhead.
Raw Material
Basic substances in their natural, modified, or unprocessed states used as inputs to production or manufacturing.
Inventory
Goods and materials that a business holds for the ultimate goal of resale or production.
GAAP
Generally Accepted Accounting Principles, a standard framework of guidelines for financial accounting used in any given jurisdiction; generally known as the standard guidelines for financial accounting.
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