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Discuss the long-term physical effects of alcohol.
Standard Costs
Preset costs for materials, labor, and overhead used to measure the performance of manufacturing activities against planned costs.
Variable Costing
A costing method where only variable costs are charged to product costs, with fixed costs treated as period costs.
Absorption Costing
A cost accounting method that includes all manufacturing costs (direct materials, direct labor, and both variable and fixed manufacturing overhead) in the cost of a product.
Profit
The financial gain achieved when the revenue from business activities exceeds the expenses, costs, and taxes involved in maintaining the operation.
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