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Inventory - Cost of Conversion
Direct Labour and allocating manufacturing overhead
* does not include administrative overhead or overhead not tied to inventory
Cost Flow Choices (3 Types)
1. FIFO
2. LIFO
3. Weighted Average
3 Types of Inventory
1. Finished Goods
2. Manufacturing Inventory
A) Raw
B) WIP
*adjustments made for over and under-allocations
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