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Which statement concerning the DSM-5 is FALSE?
Cost of Goods Manufactured
The total production cost of goods completed during a specific period, including labor, material, and overhead costs.
Raw Materials
The basic, unprocessed materials used in manufacturing to produce finished goods.
Work in Process
Work in process (WIP) refers to the materials and labor that are in the production process but have not yet been completed or transformed into finished goods.
Manufacturing Product
The end result of the manufacturing process, which is the production of goods in a factory.
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