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Three of the following statements are true and one is false. Which statement is false?
Cost of Goods Manufactured
The total production cost of goods completed during a specific period, including labor, materials, and overhead.
Inventories
Assets held for sale in the normal course of business, in the process of production, or in the form of materials to be consumed in the production process or in the rendering of services.
Cost of Goods Sold
The direct costs attributable to the production of goods sold by a company, including material, labor, and manufacturing overhead expenses.
Indirect Materials
Materials used in the production process that do not become an integral part of the final product and are not directly assignable to specific units produced.
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