Examlex
Match each definition to the corresponding term
-Responsibility orientation
Factory Overhead
Encompasses all indirect costs involved in the manufacturing process, such as utilities, maintenance, and salaries of non-direct labor.
FIFO Method
"First In, First Out," an inventory valuation method that assumes that the first items placed in inventory are the first sold, affecting the cost of goods sold and inventory valuation.
Direct Materials
Basic substances that can be directly linked to the manufacturing of particular products or services.
Conversion Costs
Conversion Costs are manufacturing expenses related to turning raw materials into finished products, typically including labor and overhead costs.
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