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Conversion Costs
The total expenses of direct labor and manufacturing overheads used to transform raw materials into completed products.
Production Cost Report
A document that summarizes the total cost associated with producing a specific quantity of goods during a specific period.
Manufacturing Costs
Expenses directly related to the production of goods, including raw materials, labor, and manufacturing overhead.
Equivalent Units
A concept in cost accounting that is used to allocate costs to partially completed goods, measured in the amount of finished goods units.
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