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On the variable costing income statement,the amounts representing the difference between the contribution margin and income from operations is the fixed manufacturing costs and fixed selling and administrative expenses.
Goods Manufactured
The total value of all products that have been completed during a specified period.
Overhead Rate
A calculation used to allocate indirect costs to produced goods, based on a specific base, such as labor hours.
Direct Labor Cost
The total cost of employment for employees who directly contribute to the production of goods or services, including wages and benefits.
Machine-Hours
A measure of the total time that machines are operating in a manufacturing process.
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