Identify/define and Explain the Significance of the Following: Felipe Gonzales

question 34

Short Answer

Identify/define and explain the significance of the following: Felipe Gonzales.

---

Definitions:

Profit

The financial gain achieved when revenues generated from business activities exceed the expenses, costs, and taxes associated with sustaining the business.

Work in Process

Goods that are in the production process but are not yet completed, reflecting a stage between raw materials and finished goods.

Materials

The raw inputs or components used in the manufacturing process to produce goods or products.

Cost of Goods Sold

The expenses directly related to creating a company's sold goods, covering both material costs and wages.