Please Define the Following Key Terms

question 39

Short Answer

Please define the following key terms.
-Filippo Brunelleschi

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Definitions:

Manufacturing Costs

The total expenses directly involved in producing goods, including labor, materials, and overhead costs.

Variable Overhead

Costs of production that fluctuate with the level of output, including items like utilities or indirect materials.

Fixed Overhead

The total of all overhead costs that do not change in response to activity levels in the short term, such as rent and salaries.

Gross Profit

The difference between sales revenue and the cost of goods sold before deducting operating expenses, interest, and taxes.