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Hierarchical models, such as Carroll's, conceive of intelligence as
Factory Overhead
All indirect costs associated with manufacturing, encompassing the expenses incurred in the process of producing goods besides direct materials and direct labor.
Work In Process
Inventory that is in the production process but not yet completed; reflects goods that are being manufactured but aren't finished products.
Average Costing
An inventory costing method where goods are priced based on the average cost of all similar items in inventory, suitable for homogeneous products.
FIFO
An acronym for "First In, First Out," a method used in inventory management and accounting where the oldest inventory items are recorded as sold first.
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