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The supply of savings function is:
Conversion Costs
Costs incurred to convert raw materials into finished products, typically including labor and overhead.
FIFO Method
An inventory valuation method that assumes the first items placed into inventory are the first ones sold, standing for "First-In, First-Out".
Equivalent Units
A concept in cost accounting used to express the amount of work done on partially finished goods in terms of fully completed units.
Process Costing
A costing method used where identical or similar items are produced in masses.
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