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Online Accounting Dictionary

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  • Warranty is the seller or manufacturer's promise to do something for a customer (repair, exchange, refund) about a bad or broken product during a specified time period without additional charges (for free).
  • Weighted-average (average cost) inventory costing method assumes that the average cost of inventories is to be recognized as the cost of goods sold.
  • Work-in-process inventory is the inventory cost of started but not finished production.
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