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An unplanned decrease in inventories results in
Conversion Costs
Costs incurred to convert raw materials into finished goods, including direct labor and manufacturing overhead.
Equivalent Unit
A concept used in process costing that converts partially completed units into a smaller number of fully completed units to measure and allocate costs accurately.
Custom Furniture
Furniture that is specially designed and manufactured according to the specific requirements and preferences of a customer.
Process Costing
A costing system used in situations where a single, homogeneous product (such as cement or flour) is produced for long periods of time.
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