Examlex
The two main forms of conflict are:
Equivalent Units
A concept used in cost accounting to express the amount of materials, labor, or overhead costs in terms of fully completed units of production during a specific time period.
First-In, First-Out
An inventory valuation method where the first items placed in inventory are the first sold.
Direct Materials
Direct materials are raw materials that are directly used in the manufacturing of a product and are easily traceable to the product being manufactured.
Work In Process Inventory
The cost of unfinished goods in the production process, including labor, raw materials, and overhead.
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