Items acquired that either become a part of the finished product or are used in the process of manufacturing the finished product are known as

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Materials are items that are acquired and then either become a part of the finished product or are used in the process of manufacturing the finished product. Work in process refers to the partially completed products that are in the process of being manufactured, while finished goods are the final products that are ready for sale. Cost of goods sold is the cost associated with producing and selling the finished goods.

Items Acquired That Either Become a Part of the Finished