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What was one of August Vollmer's greatest contributions to police professionalism
First-In-First-Out (FIFO)
An inventory valuation method where the cost of goods sold is based on the cost of the earliest purchased materials, while the cost of ending inventory is based on the cost of the latest purchased materials.
Equivalent Unit
An equivalent unit is a measure used in cost accounting to represent completed units of production in a period, which takes into account both fully completed and partially completed goods.
Conversion Cost
The combined cost of direct labour and manufacturing overhead required to convert raw materials into finished goods.
Direct Labour
Employees who play a fundamental role in the assembly or creation of a company's products, contributing directly to the output.
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