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Direct Materials
Raw materials that are directly traceable to the production of a product and are a part of the final product.
Total Manufacturing Cost
The aggregate sum of all costs directly involved in the production of goods, including raw materials, labor, and manufacturing overhead.
Underapplied Manufacturing Overhead
A scenario in which the designated costs for manufacturing overhead are below the overhead expenses that have been actually incurred.
Cost of Goods Manufactured
The total production cost of goods completed during a specific period, including materials, labor, and overhead costs.
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