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Sarah has been told she has only one week to finish some pottery for a show. Sarah has exhausted her supply of clay, and new clay is absolutely necessary for finishing her products. For Sarah, the price elasticity of demand for new clay is elastic.
Internal Control
The processes and procedures implemented by an organization to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.
Budgeting Process
The activity of preparing a detailed financial plan for achieving the financial and operational goals of an organization.
Prime Costs
The combined costs of direct materials and direct labor that are directly attributable to the production of goods.
Production Budget
A Production Budget is an estimate of the number of units that must be manufactured to meet sales goals and, therefore, it details the cost of raw materials, labor, and other resources necessary for production.
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