ENGINEERED COSTS Definition

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ENGINEERED COSTS are those costs having a clear linkage to output, e.g., direct materials costs.

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REGULATION is the act of controlling or directing according to rule (e.g., the Securities Act of 1933 or SEC and FASB accounting regulations), i.e. it is the act of bringing to uniformity.

FIFO (first-in, first-out) is an inventory cost flow whereby the first goods purchased are assumed to be the first goods sold so that the ending inventory consists of the most recently purchased goods.

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