WORK IN PROCESS is parts and subassemblies in the process of becoming completed finished goods.
MARGINAL COST is a calculation showing the change in total cost as a result of a change in volume, e.g. if one more item of output increases the total cost by $25, the marginal cost is $25. It is usually useful to determine marginal cost because it can aid in determining if the rate of production should be altered.
DESIGNATED is something selected or named for a duty, e.g., designated receipts.
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