Examlex
An Enterprise Resource Planning (ERP)System is a single database that collects data and feeds it into software applications supporting all of a company's business activities.
Weighted-Average Method
The weighted-average method is an inventory costing method that assigns a weighted average cost to the inventory items based on the cost of goods available for sale and the units available.
Conversion Costs
The sum of direct labor and manufacturing overhead costs, representing the expenses necessary to convert raw materials into finished goods.
Materials Cost
The cost of materials that are used in the production of goods; a component of the total cost of goods sold.
Weighted-Average Method
An inventory costing method that calculates the cost of ending inventory and cost of goods sold based on the average cost of all goods available for sale during the period.
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