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Direct Materials
Raw materials that can be directly attributed to the production process of a good or service and are an integral part of the finished product.
FIFO
An inventory valuation method where the first items purchased are the first ones to be used or sold.
Cost Per Unit
The total expense involved in creating a product, divided by the number of units produced, giving a per-unit cost.
Journal Entries
Recorded transactions in a company's general ledger, showing accounts affected and amounts, to maintain accurate financial records.
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