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Variable Cost
Costs that change in proportion to the level of activity or volume of production, such as materials and labor.
Cost of Goods Sold
The total cost directly associated with producing the goods sold by a business during a specific period, including labor, materials, and manufacturing overhead.
Product Costs
The costs directly associated with producing goods, including direct materials, direct labor, and manufacturing overhead.
Period Costs
Expenses that are not directly tied to the production process and are expensed in the period in which they occur, such as selling and administrative expenses.
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