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In a random series,successive observations are probabilistically independent of one another.If this property is violated,the observations are said to be
Manufacturing Costs
The total costs involved in making products which can include direct materials, direct labor, and manufacturing overhead.
Direct Material
These are the raw materials and components that are consumed directly in the manufacture of a product.
Variable Overhead
Costs that vary in total in direct proportion to changes in activity level or volume, such as utility costs or raw materials that fluctuate with production levels.
Factory Depreciation
The decrease in value of manufacturing equipment and facilities over time due to wear and tear or obsolescence.
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