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Memory for pictures
Traditional Costing Systems
Accounting methods that allocate production costs to products based on machine hours, labor hours, or material costs.
Overhead Costs
Expenses not directly tied to production such as rent, utilities, and office supplies.
Underapplied
A situation where the allocated costs in accounting are less than the actual costs incurred.
Production Volume Measures
Metrics or units of measurement used to gauge the quantity of products created by a company within a specific period.
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