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When people who speak a given language migrate to a different location and become isolated from other members of their group,
Conversion Costs
The combined costs of direct labor and manufacturing overheads, which are incurred to turn raw materials into finished goods.
Units in Process
An inventory classification representing products partially completed in the manufacturing process, often evaluated at the end of an accounting period.
First-In, First-Out
An inventory valuation method where goods first acquired are the first to be sold.
Process Costing
A costing method used for homogeneous products, where costs are accumulated for a process or department and averaged over all units produced.
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