Examlex
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Accounts Payable
Accounts payable represent a company's obligation to pay off a short-term debt to its creditors or suppliers.
Factory Overhead
Expenses related to operating a factory that cannot directly traced to specific units produced, including utilities, depreciation, and maintenance.
Direct Labor
The labor cost of workers directly involved in the production of goods or the provision of services, considered a variable cost.
FIFO Method
An inventory valuation method where the first goods purchased are the first to be sold, standing for "First In, First Out".
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