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What conclusion can be drawn from the boxplot below?
Inventory Costing
Inventory costing is the method used to value inventory, including techniques such as FIFO (First-In, First-Out), LIFO (Last-In, First-Out), and weighted average cost.
First-In, First-Out
An inventory valuation method where items acquired or produced first are sold or used first, assuming the oldest inventory is disposed of before newer inventory.
Direct Materials
Raw materials that are directly traceable to the manufacturing of a product and are a significant portion of the production cost.
Materials Equivalent Units
A measure used in process costing that represents the amount of materials put into production, adjusted for any unfinished work.
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