Define and provide an example of each of the following.
Definitions:
Cost Of Goods
The total cost incurred to acquire or manufacture the products sold during a specific period.
Conversion Costs
The sum of direct labor costs and manufacturing overhead costs, incurred to convert raw materials into finished products.
Direct Materials
Raw materials that are directly traceable to the manufacturing or production of a specific product.
Direct Labor
Direct Labor is the labor cost directly associated with the production of goods or services, which can be easily traced to individual units of products.
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