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Total Manufacturing Costs
The aggregate of all costs involved in the production of a product, including direct labor, materials, and overhead.
Direct Materials
Raw materials directly used in the production of goods, whose costs are easily traced to the finished product.
Underapplied Overhead
A situation in which overhead assigned to work in process is less than the overhead incurred.
Cost of Goods Sold
The immediate expenses linked to the manufacture of a company's sold products, encompassing both materials and labor.
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