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What are the six steps to summative evaluation?
Period Costs
Expenses that are not directly tied to production and are expensed in the period they are incurred, such as selling and administrative expenses.
Units Sold
The total number of units of product sold by a company during a reporting period.
Selling Price
The amount of money a customer pays to purchase a product or service.
Contribution Margin
The amount by which sales revenue exceeds variable costs, used to cover fixed expenses and contribute to profit.
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