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Raw Materials
Basic substances in their natural, modified, or semi-processed state, used as an input to a production process for manufacturing finished goods.
Production
Production is the process of creating goods and services by combining labor, materials, and technology to meet consumer demand.
Job-Order Costing
A cost accounting system that assigns costs to specific jobs or batches, used when products are distinct and easily identifiable.
Raw Materials Inventory
The total cost of all component parts currently in stock that have not yet been used in work-in-process or finished goods production.
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