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Which of the following statements is LEAST likely to be made by a humanist?
Variable Production Costs
Costs that vary directly with the level of production, such as raw materials and direct labor.
Product Costs
All costs that are involved in acquiring or making a product. In the case of manufactured goods, these costs consist of direct materials, direct labor, and manufacturing overhead. Also see Inventoriable costs.
Absorption Costing
A costing method that includes all manufacturing costs—direct materials, direct labor, and both variable and fixed manufacturing overhead—in unit product costs.
Manufacturing Costs
The total expense involved in the manufacture of a product, including direct materials, direct labor, and manufacturing overhead.
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