Examlex
Which of the following statements is incorrect?
Raw Materials
Raw materials are basic and unprocessed inputs used in the manufacturing of goods.
Manufacturing Overhead
Indirect manufacturing costs such as the expenses for factory maintenance and equipment depreciation.
Raw Materials Used
The total value of all raw materials consumed in the production process over a specified period.
Factory Depreciation
The systematic allocation of the cost of physical assets used in the manufacturing process over their useful lives.
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