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Equivalent Units
A concept in cost accounting used to apportion costs to units of production in processes where the product is not completed at the end of a period.
Milling Department
A specific section within a manufacturing facility where materials are ground, cut, or otherwise processed through milling operations.
First-In, First-Out Method
This is an inventory valuation method where goods first added to inventory are the first ones to be sold.
Equivalent Units
A concept used in cost accounting to assign costs to partially completed goods, expressed in terms of fully completed units.
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