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Work in Process
Represents items that are in the process of being manufactured but are not yet complete.
Manufacturing Costs Incurred
The total expenses directly involved in producing goods, including labor, materials, and overhead costs.
Gross Profit
The profit a company makes after deducting the costs associated with making and selling its products, or the costs associated with providing its services.
Finished Goods
These are products that have completed the manufacturing process and are ready for sale to customers.
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