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What are Treasury Department Regulations?
Raw materials
Basic substances in their natural, modified, or semi-processed state, used as inputs for production.
Finished Goods Inventory
The stock of completed products that are ready to be sold but have not yet been purchased by consumers.
Direct Materials
Raw materials that are directly traceable to the manufacturing of a product.
Work In Process
Inventory items that are in the process of being manufactured but are not yet completed.
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