Define the Following Terms

question 75

Short Answer

Define the following terms
-internal validity

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Definitions:

Direct Labor-hours

The complete total of working hours by individuals directly involved in the fabrication process.

Fixed Overhead

Costs that do not vary with the level of production or sales, including rent, salaries, and insurance, which are incurred regardless of the business activity level.

Work In Process

Goods that are in various stages of the production process but are not yet completed products.

Predetermined Overhead Rate

An estimated rate used to allocate manufacturing overhead to individual products or job orders based on a specific activity base.