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What are the advantages of IRM tools?
Materials
Raw inputs or supplies used in the manufacturing process to produce goods or are consumed during the service delivery.
Labor
The human effort, both physical and mental, used in the production of goods and services.
Period Costs
Costs that are expensed in the period they are incurred and are not directly tied to the production of goods or services, such as administrative expenses.
Operating Costs
Expenses related to the day-to-day functioning of a business, excluding costs directly associated with the production of goods or services.
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