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The more substitutes available for a product, the
Variable Costing
An accounting method that includes only variable production costs—direct materials, direct labor, and variable manufacturing overhead—in product costs.
Total Product Cost
Sum of all costs directly or indirectly related to the creation of a product, including materials, labor, and overhead.
Variable Costing
An accounting method that considers only the variable manufacturing costs as product costs, treating fixed manufacturing overhead as a period expense.
Total Product Cost
The complete cost associated with making or acquiring a product, including direct materials, direct labor, and overhead costs.
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