Examlex
The journal entry to record direct materials used includes a debit to Work in Process Inventory.
Economic Profit
The profit from undertaking an activity after subtracting both the explicit and implicit costs associated with that activity.
Implicit Costs
Expenses that do not involve a direct monetary payment but represent the opportunity cost of using resources owned by the company or individual.
Average Cost of Production
The total cost of production divided by the quantity of output produced, indicating the cost to produce each unit of output.
Total Profit
The net profit a company earns, calculated by deducting all costs from its total income.
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