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What Happens at an Oil Refinery

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What happens at an oil refinery?

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Definitions:

Customizing

The process of modifying products or services to meet specific customer demands or preferences.

Manufacturing Cost

The total expense incurred in the production of goods, including raw materials, labor, and overhead.

Predetermined Overhead Rates

Estimated overhead rates used to assign manufacturing overhead costs to products based on a pre-defined basis such as machine hours or labor hours.

Machine-Hours

A measure of the amount of time a machine is operated, used as a basis for allocating overhead costs in manufacturing.

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