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Conversion Costs
The cost required to convert raw materials into finished products, typically including labor and overhead expenses.
Equivalent Units Of Production
A method used in process costing to convert partially completed units into a number of equivalent full units.
Percentage Of Completion
An accounting method used to recognize revenue and expenses of long-term contracts as a function of the estimated completion percentage of the project.
Direct Materials
Direct materials are the raw materials that are directly incorporated into a finished product and are a significant portion of the total production cost.
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