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Direct Labour
Labor costs that are specifically traceable to the production of goods or provision of services.
Raw Materials
The basic materials and components required at the start of the production process to manufacture goods.
Total Manufacturing Costs
The sum of all costs associated with producing a product, including direct materials, direct labor, and manufacturing overhead.
Period Cost
Costs that are expensed in the period in which they are incurred, not directly tied to the production process.
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