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Cost of Goods Sold
The total cost directly associated with producing goods that have been sold, including materials, labor, and overhead costs.
Overapplied
A situation where the allocated amount of indirect costs exceeds the actual amount spent.
Underapplied
A situation where the actual manufacturing overhead costs are more than what was allocated to products.
Predetermined Overhead Rate
A calculated rate that estimates the manufacturing overhead cost per unit of production, based on expected or historical data.
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