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At the national cheerleading contest, all the contestants are seated in one area within the stadium. Although 1,000 students are seated in this area, your eyes discern about 100 groups due to each group of cheerleaders having different color outfits. The way you grouped these students is most likely due to the perceptual principle of
Machine Hours
A measure of the operating time of machines or equipment, typically used in allocating manufacturing costs.
Fixed Overhead Rate
A predetermined rate used to allocate fixed overhead costs to units of output, based on a standard level of activity.
Gross Profit
Sales minus the cost of goods sold.
Volume Variance
A measure used in budgeting and accounting to illustrate the difference between expected sales volume and actual sales volume.
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