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Cost of Goods Sold
The direct costs attributable to the production of the goods sold in a company, including material and labor costs.
Finished Goods Inventory
Finished goods available for sale but still held within the company's inventory.
Overapplied Manufacturing Overhead
A situation where the allocated manufacturing overhead exceeds the actual manufacturing overhead incurred.
T-account
A graphical representation of a ledger account, illustrating the debit and credit sides for easier accounting analysis.
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