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Costing System
A method or procedure employed to collect, classify, and allocate costs to products, services, or job orders.
Job-Order Costing
An accounting method that assigns costs to specific production jobs or batches, making it possible to track the cost of each job individually.
Direct Labor Costs
Wages paid to workers directly involved in manufacturing a product or providing a service.
Cost of Goods Manufactured
The total cost incurred by a company to produce goods in a specific period, including labor, materials, and overhead.
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