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Jake can complete an oil change in 45 minutes and he can write a poem in 90 minutes. Ming-la can complete an oil change in 30 minutes and she can write a poem in 90 minutes. Jake's opportunity cost of writing a poem is lower than Ming-la's opportunity cost of writing a poem.
Work In Process
Products that are in the middle of the production process and are not yet completed; represents a component of inventory on the balance sheet.
Finished Goods
Goods that are completed production and are now available for customer acquisition.
Manufacturing Overhead
All indirect costs related to manufacturing, such as maintenance, supervision, and utilities, not directly tied to any specific product unit.
Indirect Materials
Materials used in the production process but not directly traceable to a specific product, such as lubricants and adhesives used in machinery.
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