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Cost of Goods Sold
The expenses directly related to the manufacturing of goods a company sells.
Overapplied
Refers to a condition where the amount of costs allocated or applied to goods or services exceeds the actual costs incurred.
Manufacturing Overhead
All manufacturing costs that are not directly tied to a specific product or production activity, including utilities, rent, and salaries for supervisors.
Adjusting Entry
A journal entry made at the end of an accounting period to allocate income and expenditure to the appropriate years.
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