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The formula for total fixed cost is
Standard Costs
Estimated costs of production, labor, and materials that are set in order to budget and control expenses.
Fixed Manufacturing Overhead
Expenses associated with manufacturing that do not vary with the level of production, including salaries of managers and depreciation of equipment.
Direct Labor Costs
Expenses directly tied to the work of employees manufacturing a product or delivering a service.
Work in Process
A category of inventory representing items currently being manufactured but not yet completed.
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