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Which era below emphasizes customer satisfaction and building long-term business relationships?
Process Costing
An accounting methodology used for industries where production is continuous, attributing costs to units of product based on the processes they go through.
Job Order Costing
An accounting methodology used to assign manufacturing costs to an individual product or batches of products, often used in situations where each product is distinct.
Labor Price Variance
The difference between the actual cost of labor and the standard or expected cost, used as a measure of financial performance.
Misallocation
The improper or inefficient allocation of resources, often leading to suboptimal outcomes or performance.
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