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Which of the following statements a) , b) or c) is false?
Direct Labor
The wages and other costs for labor directly involved in the production of goods or services, excluding indirect labor costs.
Standard Costs
Predetermined costs for materials, labor, and overhead, against which actual costs are compared.
Cost of Goods Sold
Expenses directly associated with producing goods a company sells, entailing labor and material costs.
Standard Cost Variances
The differences between actual costs and standard costs in manufacturing, divided into categories such as materials, labor, and overhead.
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