Examlex
The control environment does NOT include:
Work in Process Inventory
The value of materials, labor, and overhead costs in products that have been started but are not yet completed in the manufacturing process.
Raw Materials Inventory
The stock of unprocessed materials waiting to be used in the manufacturing process.
Underapplied Overhead
The situation where the allocated manufacturing overhead cost is less than the actual overhead incurred.
Predetermined Rate
A rate estimated before the start of a period, often used in budgeting and costing processes.
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