Examlex
Evaluate where the is the right half of the circle .
First-in, First-out Method
An inventory valuation method assuming that the first goods purchased are the first goods sold, usually used to calculate cost of goods sold.
Conversion Costs
The total cost of converting raw materials into finished goods, including both direct labor and manufacturing overhead.
Work in Process
Inventory that is in the production process and is not yet completed.
Equivalent Units
Equivalent units are a concept used in cost accounting to express the amount of work done on partially finished goods in terms of fully completed units.
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