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When a bill passes the House and Senate in substantially different forms,the differences are resolved in
FIFO Method
First-In, First-Out method; an inventory valuation method where goods purchased or produced first are sold or used first.
Process Costing
A costing method used for homogeneous products, where the cost of each product is assumed to be identical to the cost of every other product.
Equivalent Units
A method used in cost accounting to measure the work done on inventory during a period, which considers partially completed units as a fraction of a full unit.
Conversion Costs
The combined costs of direct labor and manufacturing overhead, which are incurred to convert raw materials into finished products.
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