When Your Company Expands into New Areas of Business It

question 10

Short Answer

When your company expands into new areas of business it is called ________.

---

Definitions:

Conversion Costs

Expenses incurred when converting raw materials into finished products, including labor and manufacturing overhead.

First Department

Typically the initial stage or department in a production process or sequence.

Equivalent Units

A metric used in cost accounting to express the amount of work done on partially completed units in terms of fully completed units.

Labor

Refers to the human effort, both physical and mental, used in the production of goods and services.