Examlex
__________ is both a precise set of statistical tools and a rallying cry for continuous improvement.
Work in Process
Partially finished goods that are in the process of being converted into final products in manufacturing.
Equivalent Unit
A measure used in cost accounting to represent the amount of work done on partial units of output, making it possible to calculate costs in process costing systems.
Process Costing
A costing method used for homogenous products, where costs are accumulated for a continuous process and then assigned to units of output.
Conversion Costs
The sum of direct labor and manufacturing overhead costs, representing expenses to convert raw materials into finished products.
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