Examlex
The cost recovery period for 3-year class property is 4 years.
Materials
The raw items or supplies used in the manufacturing of a product or in the operation of a business.
Equivalent Unit
A measure used in process costing that converts partially completed units into a number of fully completed units.
Process Costing System
A method of costing used for homogeneous products that are continuously produced, assigning costs to units of output on the basis of direct materials, labor, and manufacturing overhead.
Weighted-Average Method
An inventory costing method that averages out the cost of goods available for sale or use, by weighting inventory items according to their quantities.
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