Examlex
Describe the five key planning elements used in developing the best business plans.
Cost of Goods Sold
The direct costs attributable to the production of the goods sold by a company, including both materials and labor costs.
Raw Material
Basic materials or substances used in the manufacturing or production process to create goods and products.
Work in Process
Inventory that includes all the materials, labor, and overhead costs for products that are in the production process but not yet completed.
Property, Plant, and Equipment
Tangible long-term assets used in the operation of a business, such as buildings, machinery, and equipment.
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