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Step one of the "Three Steps for Analyzing Changes in Equilibrium" is
Direct Labour-Hours
The sum of working hours for employees actively participating in the manufacturing procedure.
Direct Materials
Raw materials that are directly traceable and integral to the finished product, and which can be directly allocated to the manufacturing process.
Finished Goods Inventory
Items that have completed the manufacturing process and are ready for sale to customers.
Work in Process Inventory
The value of materials, labor, and overhead costs in products that have been started but are not yet completed in the manufacturing process.
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