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Explain how poverty is measured and how the poverty level is determined.
Process Costing
A costing method used in industries where production is continuous, assigning costs to units of output on an average basis.
Job-Order Costing
An accounting method used to track costs individually for each job, not by process or time period.
Custom Jewelry
Jewelry that is specifically designed and made to meet the unique preferences of an individual customer.
Conversion Costs
The sum of direct labor and manufacturing overhead costs required to convert raw materials into finished goods.
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